Severance Packages Benefit Employees And Employers
Years ago, companies would reward departing employees with a gold watch or some other symbolic token of appreciation. Companies did not want anything in return. However, times have changed.
These days, companies that provide a severance package almost always require that the departing employee execute a release as a condition to getting the severance payment. A release is essentially a binding promise that the departing employee forfeits his or her rights to sue the company. There are a couple of exemptions, which means that certain rights cannot be waived by a private agreement, such as rights to benefits under ERISA and the Worker’s Comp statute.
Why Should You Have Our Attorney Review Your Severance Package?
Reviewing a severance package is easy for an experienced employment law attorney. However, it is not just about reviewing a boilerplate contract. The important part about severance package reviews is the analysis of any viable legal claims, placing a value on those claims, and comparing same to the severance package offer.
For example, if a client comes into the office to meet with John Davis, and the client has legal claims that are worth approximately $25,000, but the severance package is worth about the same amount, then it probably makes sense to accept the severance package. However, if a client has a $25,000 severance package but has solid legal claims worth $50,000 or more, then John Davis can typically negotiate for a more lucrative severance package offer.
John Davis has probably reviewed over 1,000 of these contracts in his career. He has drafted and negotiated many as well — even lectures at the new England School of Law. Because John has a reputation for not making idle threats, defense lawyers know that when John threatens litigation, he is not bluffing. John has worked hard to cultivate a reputation for blending tempered aggression with tactful diplomacy.
Let Us Review Your Severance Package Before You Sign
If you have any questions about severance packages, call John Davis for expert advice. You can reach him at 978-276-9051 or by email.