To take a severance package or not?

To take a severance package or not?

On Behalf of | Feb 6, 2023 | Severance Agreements

It might have taken a try or two, but you have found yourself in an established career. Being with the same company for years and even decades can feel fulfilling, as it is a major accomplishment. Hitting certain milestones leads you to believe that you will remain with the company until you decide to retire.

Unfortunately, employees do not always get to control when they leave a company. Being terminated or laid off is huge, as it could greatly impact your life regarding future employment. With a severance package on the table, you might be compelled to take it and leave. While that might be suitable and lucrative in some situations, in others, it might be more appropriate to look at possible legal claims you might have.

Severance agreements

At Logan & Logan, our law firm has seen its fair share of severance agreements. Whether it is having a hand in its creation, negotiating the terms following the termination of an employee or helping employees file a legal claim after being handed a severance agreement and fired. Thus, our experienced attorneys can help you understand your situation when confronted with a severance agreement.

Legal options

Because a severance agreement can look appealing at first glance, it is important to take a step back and look at all the details of the severance package. If other employment law issues are present, it might be beneficial to negotiate the terms or even reject the package and file a legal action to address the employment law issues.

Keep in mind, a severance package is offered as consideration for not suing the employer for your termination. Thus, an agreement is formed once it is accepted. If you believe you have a valid legal claim and seek to move forward with a filing, it is imperative that you understand what this means. If you do not waive your right to sue, you pass up the severance package.

Whether you seek to negotiate a severance agreement or find that filing a legal action is a better route, it is imperative that you understand your legal rights and options. This can be a complex and emotional time, making it crucial that you gain a full perspective of the matter.