Our award-winning Severance Agreement Attorneys have counseled many employees of Citigroup, Pfizer, New York Times and Living Social, all of which are expected to have another round of layoffs or buyouts. Specifically, Pfizer has stated it may make personnel changes to its field drug sales representatives and Living Social, NY Times and Citigroup have stated that they will offer buyouts and layoff some of their workforce. Some cuts are drastic as Living Social may lay off 10% of its workforce. If you were selected for a reduction in force, otherwise terminated or disciplined, call our Severance Package Lawyers to confidentially learn your rights and see if and how we can maximize your severance pay. In these difficult economic times where gaps of unemployment are all too common, it is critical that you maximize your severance package and learn your workplace rights. We have helped hundreds of employees navigate the scary process of losing their jobs and resulting uncertainty. You should not sign the agreement without speaking with an experienced employment lawyer first – the agreement is written for your former employer’s benefit, not necessarily yours. Don’t waive your valuable rights.
IMPORTANT REASONS FOR YOU TO CONTACT AN EMPLOYMENT LAWYER
Below are some examples of why your employer’s severance agreement may not be in your benefit and why you should seek the advice of experienced counsel immediately:
1. Generally, most severance agreements include a release provision that states you are agreeing to never sue your former employer for any reason in the future. There are some exceptions but for the most part – this is why companies provide with you severance. They are buying your promise never to sue them again. If you have a valuable claim against the Company, your severance amount should reflect that. You should speak with experienced employment lawyer to determine if you have a claim against your former employer and what is the value of such a claim. Generally, you cannot sign the severance agreement and then sue your employer for actions that occurred during your employment. Accordingly, it is important for you to act now.
2. Many severance agreements include non-compete and non-solicitation provisions that can negatively impact you for years after your termination and hurt your ability to find a new job. It is critical to review these provisions carefully and understand how they can impact you. Not only could you be unemployed, your ability to find a new job could be made harder as well.
3. Generally, your healthcare coverage will terminate on your last day of employment. As you most likely know, healthcare costs are significant and many former employees cannot afford continuing coverage during periods of unemployment. You should understand whether there is a basis for the company to continue paying your healthcare costs after your termination.
4. You may be entitled to certain payments even if you do not sign the severance agreement. Moreover, the severance agreement can affect your ability to collect unemployment insurance benefits, which can be critical in this time. It is imperative that you understand your rights and obligations if you sign the severance agreement and if you do not.
5. The agreement may preclude you from applying for re-employment with the Company and its affiliates and subsidiaries (which are often not defined). Depending on the size of the Company, you could be precluded for working for a significant number of companies. Again, that is not ideal when you are looking for new employment.
Call our NY, NJ & CT Severance Package Attorneys at (800) 893-9645 to confidentially discuss your rights and options so that you can negotiate the best possible severance package you deserve to help you navigate through these difficult times. We will review your agreement paragraph by paragraph with you so you understand the ins/outs of your agreement. We will let you know how we can maximize your severance package.
Disclaimer: Thank you for visiting our Blog. This blog provides general information and thoughts about various employment law issues primarily in the New York Tri-State area and occasionally in other areas. You are welcome to read the posts. However, do not construe any content on this blog as legal advice or the creation of an attorney-client relationship. Again, we provide the content only for informational purposes. You should not make decisions based information on our blog since the application of the law depends on the facts and each situation may be different. In addition, the law in most jurisdictions is different and changes constantly and we make no representations that any information on our blog has been updated. The Blog should not be used as a substitute for competent legal advice from an experienced employment law attorney in your state or jurisdiction.