While severance agreements are generally not required when an employer terminates or lays off an employee, if negotiated and drafted properly, these agreements can provide employers and employees with needed benefits.
Severance agreements can provide terminated employees with compensation or benefits to bridge the gap between jobs. Businesses use severance agreements to secure the release of claims that an employee may assert in connection with employer’s employment practices or an employee’s termination. In addition, a severance agreement may restrict a terminated employee’s competitive activities going forward, thus protecting his former employer’s business interests.
Severance agreements can be complex, with a number of monetary and non-monetary components involved. Often these agreements have deadlines by which an Employee has to act. In such cases, it is important to have a knowledgeable attorney who can respond promptly and effectively.
Our Attorneys have experience representing both Employers and Employees in complex Severance Agreement negotiations and bring a unique perspective to the process. Regardless of the reason for your severance agreement, we can help.