When people lose their jobs and get offered a severance package, they may think there is nothing they can do about it. However, the reality is that a severance agreement is like any other contract, and just like when negotiating any other contract, it can help to have a lawyer present when you’re negotiating terms. Here are five potential advantages to hiring a lawyer to help you negotiate your severance agreement:
- You can get a better payout
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- The most basic reason to hire a lawyer for your severance agreement negotiation is simple: it can let you get a bigger payout than you might otherwise get. Broadly speaking, you should treat the amount you get from your employer as an initial offer, which is the lowest amount that you might consider acceptable. However, you can bargain to get more compensation, provided you are prepared to fight for it.
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- You can retain access to certain benefits
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- A severance agreement may also allow you to retain some of the benefits you received as an employee. Most notably, this may include continued access to your employer’s health insurance plan, but other benefits may be included as well. Your lawyer can help you negotiate to keep these benefits, smoothing the transition away from your current employer.
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- You can get more post-employment assistance
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- While not many people are aware of it, severance agreements will sometimes include terms that require an employer to help their former employee find a new job. These services may include access to a job placement program, which can help you find a job in your field. Your lawyer can help you negotiate for this assistance, helping you to get back on your feet more quickly.
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- You can reduce the amount of restrictions placed on you
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- It is not uncommon for a severance agreement to place significant restrictions on former employees, which can follow them for years after leaving their job. These may include things like non-disclosure agreements (NDAs), noncompete agreements, and other restraints. Your lawyer can help you negotiate to remove these terms, or at least reduce their severity, keeping you as free as possible to pursue opportunities after you are terminated.
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- You can protect yourself from legal liability
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- If you violate the terms of a severance agreement, you could face the risk of being sued by your former employer. However, having a lawyer present at your negotiation can limit the risk of any future litigation. That is why you should make sure to hire an experienced lawyer, who can give you the best chance possible at getting the most from your severance package.
Steven Mitchell Sack, the Employee’s Lawyer, is a New York employment lawyer with more than 46 years’ experience handling the many aspects of employment law. His new book, “Fired!: Protect Your Rights & FIGHT BACK If You’re Terminated, Laid Off, Downsized, Restructured, Forced to Resign or Quit,” is available in hardback, and contains valuable advice on dealing with employment and labor law issues. To purchase the book, feel free to contact Steven Sack at 917-371-8000 or visit the website at legalstratpub.com. To inquire about a legal matter, please feel free to contact attorney Steven Sack at 917-371-8000 or stevensackatty@hotmail.com.
