Severance Negotiations and Agreements Lawyers Toledo, Ohio
For any individual, being severed from a company or organization can be very difficult. You have devoted your time, energy, and loyalty to a company that has not reciprocated. While the stress that comes with being severed from your position can be overwhelming, it is extremely important to give serious thought to any severance package that you are offered. A severance package can be a great way to “bridge the gap” between your former employer and your subsequent employer. A severance package allows both parties to move on without the expense and risk of litigation.
Speaking with a Toledo severance package lawyer if you are facing termination should be your next step if you find yourself in a situation where you have been offered severance. A severance package lawyer can assess the severance package you have been offered, along with attempting to negotiate the terms of that severance package to make them more favorable to you.
Why Are Severance Packages Offred?
Severance packages can be offered to employees for several reasons. They may be offered if an employee is terminated from a position, either voluntarily or involuntarily. Typically, an employer will take the amount of time an employee has worked for the company into consideration when offering severance but there may be numerous factors at play.
Common benefits that you might see in a severance package include:
- Severance pay
- Medical benefits or COBRA reimbursement
- Sick time, vacation time, PTO
- Outplacement services to assist in finding a new job
- A neutral or positive employment reference
- Payment of bonuses or discretionary pay
- Award of stock
It is important to note that an employer is not legally obligated to offer a severance package under any circumstance. The Fair Labor Standards Act (FLSA) does not list severance pay as a requirement either.
Should I Hire a Lawyer to Negotiate My Severance?
Speaking with a severance negotiation attorney in Toledo, Ohio before accepting a severance package will be beneficial to you. An attorney experienced in negotiating severance packages can ensure that you are receiving a fair severance package and they can also assist in the negotiation process if you wish to negotiate. Typically, signing a severance agreement means that you are waiving your rights to sue your former employer so it is wise to have an attorney review a severance agreement to ensure it is fair to both parties.
At The Friedmann Firm, our Toledo severance agreement attorneys are here to both review severance agreements and work on negotiating the terms of severance agreements. If you have been recently terminated or severed, your employer may have offered you a severance package. Understandably, you probably have questions related to what the provisions of the severance package mean, as it is usually written in legalese or language that may be difficult to understand.
It can be an important next step to have that severance agreement looked at by a severance attorney for Toledo, OH – no matter the industry that you are working in.
- Explain any element of the agreement so you fully understand the implications of accepting the agreement
- Negotiate the amount of severance pay you will receive
- Negotiate any terms of the severance agreement including terms like outplacement assistance, neutral references, stock, and profit-sharing options, and extended medical, dental, and vision benefits
Can Severance Pay Be Negotiated?
Anything can be negotiated. You can always try and negotiate the severance pay and the severance package you are being offered. There is no risk to doing so. Employees being offered a severance package will typically have 21 days to sign an agreement. During that time, you can review all the provisions included, you can speak with a severance package lawyer, and attempt to negotiate the terms of your severance agreement.
Take that time to review the pay and package as a whole and to consult with a Toledo severance lawyer. You can work with your Toledo severance agreement attorney to ensure the severance package is beneficial to you and is the best offer you can possibly negotiate.
Can a Lawyer Negotiate a Severance Package?
Yes, a Toledo severance agreement attorney will be able to negotiate on the severance package that you have been offered. We have negotiated severance for hundreds of employees and are very experienced in negotiating beneficial severance packages.
Connect With a Severance Negotiation Attorney in Toledo, Ohio
If you have been offered a severance package or find yourself in a situation where you believe that severance could be requested, reach out to the Toledo severance lawyers at The Friedmann Firm today.
You can call us at 614-610-9755 or schedule a consultation online.