Navigating the complexities of employment law can be tough and intimidating when approaching its end, particularly during transition periods such as termination. One key tool used during these processes is a severance agreement, which details how an employee leaves an employer. At such points, a severance agreement attorney specializing in such agreements becomes invaluable – but what exactly are their services, and why might you want one?
What Is a Severance Agreement?
A severance agreement is a legally binding contract between an employer and an employee outlining the terms of an employee’s departure. For example, it could provide either a lump-sum payment or salary continuation over an agreed-upon time in return for waiving certain rights, such as those related to lawsuits for unfair termination and discrimination claims. Additionally, it could cover non-compete clauses, confidentiality agreements, and the return of company property, among many other things.
While employers often present these agreements as standard contracts, their terms can often be modified through negotiations facilitated by an experienced severance agreement attorney.
Severance Agreement Attorney
Severance agreement attorneys specialize in employment law and have an intimate knowledge of severance packages, termination rights, and employment disputes. Their role encompasses reviewing agreements while advocating on behalf of employees to ensure fair terms that serve both their best interests.
Attorneys offer several key services when reviewing severance packages for employees, particularly contract contracts containing a waiver of rights agreements and non-compete clauses that may restrict future employment prospects unfairly. A good attorney will make sure every clause relating to waiver of rights can be understood fully, as well as identify areas that might cause issues down the road, such as non-compete clauses that restrict future opportunities unfairly or overly restrict your future opportunities as part of this review process.
Why do You Require a Lawyer to Review Severance Agreement?
Even Out the Playing Field
Employers typically hire legal teams to draft their severance agreements; without legal advice on your side, this could leave you at a distinct disadvantage when trying to negotiate better terms for yourself. Severance agreement attorneys know what tactics employers employ in creating agreements, so they can assist with making sure you receive fair terms in return.
Protection for Future Employment
Some severance agreements include restrictive covenants, such as non-compete or non-solicitation clauses, that limit where and how you work after being laid off and restrict where you can find new work opportunities. An attorney can negotiate these terms to be less stringent, giving you greater freedom in seeking future work opportunities.
Maximizing Financial Compensation
Hiring an experienced lawyer to review severance agreements is only wise. A lawyer can assess if the compensation being offered to you is fair based on factors like length of employment, circumstances surrounding termination, and industry standards. If it falls short, a lawyer will negotiate for more suitable terms on your behalf.
Mitigating Legal Risks
By entering into a severance agreement with your employer, you may be waiving certain legal claims, such as those related to wrongful termination and discrimination. Get a lawyer to review severance agreements and any potential agreements to ensure that any significant rights are not unnecessarily compromised.
Peace of Mind
Hiring a severance agreement attorney may offer the greatest peace of mind when leaving an employer behind, protecting your interests as you go about leaving their employment behind less stressfully and more effectively than otherwise.
Conclusion
Severance agreements can be complex documents with complex legal implications that will inevitably shape both your future career and finances. Consulting a severance agreement attorney ensures you’re receiving fair value when receiving packages as part of either a layoff or voluntary departure, protecting your rights while building up financial security for future use. Having a lawyer to review severance agreements before signing anything is the best step to take. Decisions now could have far-reaching effects for years.
