Routinely offered as part of a separation agreement, a severance package generally includes final compensation for an employee at the end of the employment relationship. In exchange for receiving the financial compensation and benefits of a severance package, employees may need to waive certain rights or agree to certain restrictive covenants. In order to ensure a fair bargain, it is necessary for employees to negotiate severance packages with precaution and precision.
The Law Office of Patrick K. Elliott located in Tampa, Florida, can help you negotiate negotiate favorable severance packages. The firm will work diligently to protect their rights, regardless of which industry you’re in or the size if your employer. If you need help negotiating a severance package with your employer, please feel free to contact Employment and Consumer Lawyer Patrick K. Elliott at your earliest convenience.
Employers will generally offer a severance package in connection with a separation agreement. This is a calculated benefit offered in exchange for certain employee concessions, including:
• Non-Competition: The employee may be prohibited from working with companies that compete directly with their former employer;
• Non-Disclosure: The employee may be prohibited from disclosing the employer’s confidential information or trade secrets;
• Non-Solicitation of Clients: The employee may be prohibited from retaining their former clients at their new job;
• Non-Solicitation of Employees: The employee may be prohibited from hiring their former colleagues at their new job; and
• Elimination of Legal Actions: The employee may be required to retract an existing lawsuit or waive future lawsuits against the employer.
Regardless of the purpose behind a severance package, employees should strive to even out the benefits received with the concessions required. In order to protect their interests, employees are encouraged to seek out a skilled employment attorney for assistance.
Given that employers will usually ask the employee to make certain concessions in a separation agreement, the severance package should feature a corresponding sum. This can be a difficult exercise, as the restrictions in a separation agreement can extend for long periods of time. In order to situate the difficulty of conforming to employer requirements, employees should consider the following questions.
• Scope of Restricted Conduct: What is the scope of restricted behavior in the separation agreement?
• Timeline of Restricted Conduct: What is the timeline of the restricted behavior in the separation agreement?
• Difficulty of Future Employment: How difficult will it be for the employee to find a new job while conforming to the separation agreement?
Generally speaking, as the separation agreement becomes more restrictive, the severance package should increase correspondingly. Overall, employees should ensure that they receive fair compensation for agreeing to adhere to a separation agreement.
Whenever an employee enters into a separation agreement with their former employer, it is imperative to negotiate an appropriate severance package. Otherwise, the employer will reap all of the benefits from the post-employment agreement. Employment Lawyer Patrick Elliott has the type of knowledge and negotiating prowess necessary to maximize severance agreements. If you need legal counsel, know that you can contact the firm for help today.