Severance Negotiations and Executive Compensation
Many individuals simply assume they have no leverage or basis for demanding more from their employer at the time they are presented with a severance package and release. However, often these employees, either individually or as a group will have valid legal claims that will enable them to negotiate a more appropriate severance package as they move forward in their careers. In addition, in a down economy, many employers are attempting to cut corners and not provide their employees with compensation and benefits they are entitled.
Management and executive employees will have particular compensation and benefits issues that will need to be evaluated and considered. Maximizing the negotiation of benefits can be particularly important where issues such as retirement plans, comprehensive medical insurance coverage, stock options, and bonus plans are at stake. A severance package may require detailed analysis and negotiation along with other future employment considerations such as non-compete and confidentiality agreements.
If you are facing an imminent termination from employment, contact the law firm of Henrichsen Siegel, P.L.L.C. for a consultation to assist you with your career transition.