The Right Kind Of Severance Package
Many businesses provide severance packages to management and executive employees. If you have been offered such a package as part of a job termination, you may have questions:
- Can you negotiate the amount of money that is offered?
- What rights will you give up by signing a severance agreement?
- If you have already signed a severance agreement, can you change your mind?
- What are your obligations under a noncompete agreement that is part of the severance agreement?
At Mowery Youell & Galeano, Ltd., in Dublin, Ohio, our lawyers have extensive experience drafting, reviewing and negotiating these agreements. If you have been offered a severance agreement, you have 21 days to decide whether to sign it. If you have already signed an agreement, you have seven days to revoke it.
When a corporation offers severance, the contract typically includes a release of legal claims against the company, especially if the person receiving the package is over age 40. Our lawyers can advise you about what other possible legal claims you may have, such as an age-based discrimination lawsuit, and your likelihood of making a recovery. Ultimately, you are the one who will make the decision. However, our lawyers can provide the information you need to make an informed decision.
Knowledgeable Columbus Employment Law Attorneys
Your severance package may include a noncompete agreement that could severely limit your ability to find another job in the same area. Our lawyers will explain your obligations under the noncompete agreement. In some cases, these agreements can be negotiated so they do not unduly limit your ability to find work.
For more information, contact an attorney at our firm. From our office in Dublin, we represent executives, managers and other employees in negotiating severance agreements throughout the Columbus metro area and central Ohio.