
Should I Have a Lawyer Review my Severance Package?
Absolutely. A severance agreement is a legally binding agreement, and you should always seek legal counsel before signing one. Even if the agreement seems fine to you, there may be tricky clauses or bad provisions that work against you. It’s always a good idea to have a lawyer review your severance package. Here’s why. Legal Action Typically, severance agreements require you to waive and release all employment related claims you might have against the employer. What does that mean? Well, it means that you can’t sue the employer for anything that happened prior to the date you signed the agreement. The agreement may also limit any future claims to arbitration. Money Sometimes, employers offer less money initially with the expectation that employees will negotiate up the severance amount. Other times, an employee has potential claims – like discrimination, wage payment or overtime issues, or disability accommodations, that can be used to leverage a higher payment. Employment Benefits Your severance agreement needs to explain what benefits you will receive after you leave the company. This includes health benefits, job placement assistance and more. Remember that everything in the agreement is negotiable, including continuing healthcare coverage. Knowing Your Worth Make sure that