You’ve worked hard for your company. But in this economy, jobs come and go with great frequency. If you are being let go by your employer, he or she may offer you a severance agreement. This document should provide you with something substantial in exchange for your leaving. Further, the document should include very specific terms — you should have a clear understanding of the provisions of the contract.
Yet unless you have a legal background, you may be entirely unfamiliar with the law and severance agreements in general. Following are some of the ways an attorney in New Jersey can help you negotiate a fair severance agreement:
- Ensure you are properly compensated: Your first concern when accepting a severance agreement is to determine if you are being properly compensated. Your lawyer can review the agreement and advise you if signing it would be financially in your best interests.
- Help you receive money owed: Does your employer owe you money for unused vacation time or other expenses? If so, your attorney can negotiate a severance agreement that pays you back.
- Determine which claims not to release: Employers ask employees to sign severance agreements to obtain a release by the employee of legal claims. However, there are many potential claims and entitlements you may not want to release. A knowledgeable attorney can review your severance agreement and advise you as to what amendments should be made.
- Negotiate a carve-out: Another reason employers use severance agreements is to protect confidential information. A savvy lawyer may be able to help you negotiate a carve-out agreement that allows you to use certain information that is valuable to your future business endeavors.