What is Severance Negotiation?
Carey & Associates, P.C. provides comprehensive severance representation to executives and employees. Severance negotiation involves understanding each party’s respective interests, expectations, legal positions, and financial incentives. This is a business transaction and should not be confused with a legal battle. The end result is a complete waiver and release of all claims up to the date of the executed agreement. Severance negotiation involves facets of contract law, compensation law, employment law, alternative dispute resolution and negotiation methods.
How Can I Get a Fair Severance Package?
In some cases, a well drafted written employment contract provides for the event of separation and severance payment. The employment or change in control agreement often includes conditions that may or may not lead to a severance compensation benefit, depending on performance and change in control events. In other cases, no written contract was ratified at the start of employment, typically due to a lack of negotiating leverage. Generally, in the absence of employment contracts and change in control agreements, the client must rely upon potential, direct or implied promises to boot strap a contractual obligation to pay severance compensation. In addition, there may exist violations of state and federal laws that provide the exact leverage to bargain for a fair and reasonable severance benefit.
How Our Employment Lawyers Can Help
Carey & Associates, P.C. can facilitate the negotiation process by directly bargaining with the company or advising the client behind the scenes. The latter approach is used when the client possesses a favorable and amicable professional relationship with the company. Direct client negotiations also present the possibility of inadequate objectivity. The client must discharge the emotional and political baggage, or immediately transition legal counsel directly into the negotiation.
The level of severance is variable and is a function of the company’s policies, the level of the position, performance, potential liability, publicity, and previous agreements.
The time frame for negotiating severance compensation is quick. The negotiation process should take no longer than one to three weeks. Any negotiation that lasts longer is going to lead to litigation. This is a hyper intensive process that requires a great deal of time and energy by both the client and the attorney.
Are You Ready to Discuss Your Severance Package?
If you did not receive a severance package or feel your severance package was inadequate, please call the employment attorneys at Carey & Associates, P.C. today at (203) 255-4150 for a complimentary consultation to discus how we can help you get the severance you deserve. We help employees with their severance packages in Connecticut, New York and Manhattan.