Whether you’re leaving a job by choice or as a result of less pleasant circumstances, the terms of your executive severance package can have a significant bearing on your financial and occupational future. Working out the terms of your severance agreement with a labor and employment attorney from Halunen Law is a wise move to ensure your best interests are served.
Most severance packages are presented by employers as though they are part of company “policy” and governed by rigid rules that can’t be altered. But that’s simply not the case. Severance is a negotiable asset just like your salary and your benefits. That’s true no matter how you’re leaving the company — even if you’re being let go.
Being fired is an emotional experience for most people, and depending on how your employer treats your departure, it’s easy to feel blindsided, frustrated, and even a little hopeless. In that frame of mind, it’s no surprise many employees take the severance that’s offered with no questions asked.
At Halunen Law, our employment severance attorneys have an in-depth understanding of severance options and clauses. Not only can we make sure the pay you receive is appropriate, but we can also work to establish more favorable terms in other areas of your agreement.
Many of the clients we represent have been victims of discrimination or “whistleblower retaliation,” which means they stand to receive compensation that far exceeds their “normal” severance package. Still others face restrictive non-compete requirements that can significantly hamper their ability to find new work, especially in the same area or industry.
In most cases, severance is initiated when you leave your job. Does that mean it’s too late to negotiate? Not at all. The key is to work with a severance and employment attorney who understands the severance process — and how to ensure the terms of your severance suit your current needs and your future plans.
When it comes to executive severance packages, many of us think exclusively of severance pay. While pay is certainly an important part of your severance, there are other aspects you need to consider before making that final “break” with your employer. There are considerations such as positive references, additional vacation or paid time off, even how your departure is characterized. What many people don’t know is that when you look at all the various incentives and benefits provided to executives, there is often much more money IF, and only IF, it is demanded.
Contrary to what your employer would have you believe, the terms of your severance are not written in stone. At Halunen Law, our team of experienced labor and employment law attorneys will work with you to ensure your executive severance package is optimized for your needs and your future. To schedule your free consultation, contact us for help with your questions concerning employment agreements and severances. Learn more in our 2-Part Blog series: “Severance Agreement? Seek Advice Before Signing”: Part 1 and Part 2.
