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New York Severance Pay Package FAQ’s for Investment Bankers, Physicians and Executives

above-the-bar-logo-no12.jpgQ: I’ve worked for the same investment bank for 4 years and I am nervous that I may get laid off. Is my Wall Street firm required to give me a severance package?
A: Except in very limited circumstances, the law does not require your employer to give you a severance package. In today’s economic climate, the growing tendency is to offer employees a package before they are terminated. We have seen circumstances where severance packages are not devices to “soften the blow” but a strategic, preemptive move by human resources to have you waive your right to sue for wrongful termination, discrimination, or sexual harassment. It is for this reason that we recommend that you call our experienced New York Severance Pay Attorneys for a confidential consultation today at (800) 893-9645. Do not sign a severance agreement without having an experienced attorney review it with you and, if appropriate, negotiate its terms.

Q: What Does A Typical Severance Package Look Like?
Each severance package will vary from company to company. Some severance packages are one page in length while other can be over 15 pages. It all depends upon the savvy and acumen of your human resources department and in-house counsel. There are some things that will be universal in any standard severance package. You should be very careful about what you give up in exchange for receiving severance pay – most, if not all, will include a release of your claims but many will also include confidentiality, non-disparagement, cooperation, non-competition, non-solicitation and other post-employment obligations. Many of these obligations and the amount of severance pay can be negotiated by experienced Severance Agreement attorneys.

Q: If I receive a Severance Package, How Much Severance Pay Should I Receive?
A: Most severance packages will include some kind of compensation based upon a formula derived by the company. For example, you may receive one week of salary for every year that you worked for the company. However, each situation is different and, depending on if you have a claim or your individual circumstances, our Severance Package Lawyers may be to negotiate greater severance pay or more favorable terms.

Q: Can I Still Continue My Health Insurance Benefits?
A: Congress has enacted Federal laws and most states (including New York, New Jersey and Connecticut) have enacted laws that require an employer to offer you continued health insurance benefits at your expense. Most people refer to these laws as COBRA and Mini-COBRA statutes. Expenses for COBRA can be very expensive and a seasoned attorney may be able to negotiate its coverage as part of your severance package.

Q: Can I Receive Severance Pay and Still Collect Unemployment Insurance Benefits?

A: It depends on the terms of your severance pay. We recommend that you call our employment severance package lawyers to discuss this in further detail. Call today to schedule your consultation at (800) 893-9645.

Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for top.lawyers.arrive.mag.2011.jpgQ: Can Your Law Firm Help Me Make Sense Of this Document Filled With Legalese?
A: Yes. Your former employer has a team of lawyers fighting to ensure its interests are protected. You should too. Call our Severance Package attorneys at (800) 893-9645 to schedule your confidential consultation today and protect yourself.