Severance Agreement Negotiation Lawyers
Severance agreements are one of the most misunderstood aspects of leaving a company. It would be more accurate to call them “exit agreements” or “settlement agreements,” as their function is to define in writing all the expectations of both parties once an employee ends his or her employment with the company.
This agreement often covers a wide array of topics and has the ability to bind and waive a host of future actions. As a rule of thumb, since the agreement was drafted by the employer’s Human Resources department and legal counsel, you should expect it to have language that is extremely favorable to the company.
KM&A Employment Law Practice Areas
When should you contact a severance agreement attorney?
Answer: If you receive any document which requires a signature in order to receive money.
Historically, if an employee is already entitled to receive a severance payment, whether pursuant to an employment contract, company policy, or other agreement, there is no need to sign a severance agreement to get that money. This notion generally does not hold true any longer. Employers quickly learned to attach a litany of strings so that they actually receive valuable promises from the employee.
Why do you need an attorney for a severance agreement?
A severance agreement lawyer will serve in multiple capacities to protect your interests. You must understand that each agreement has a great number of interactive components and every situation is widely different. In reality, people leave their jobs for a variety of different reasons. People work in different fields, have access to different information, have different expectations, and simply want different things. Good severance agreements need to be custom tailored to the individual and his or her employer. Here are a list of some concerns that arise in most severance agreements:
- Future employment
- Amount of money
- Waiver of claims
- Unemployment benefits
- Health insurance
- Choice of law
- Choice of venue
- Mutual confidentiality
- Wrongful termination evaluation
- Future references
- Integration of oral promises
- Non compete language
- Other restrictive covenants
- Proprietary information
- Confidential information
Kraemer, Manes & Associates LLC “KM&A” is a law firm serving all of Pennsylvania with our principal offices in Pittsburgh and Philadelphia. Call KM&A in western Pennsylvania at 412-626-5626 or in eastern Pennsylvania at 610-616-5686. KM&A can be reached by email at email@example.com.