Negotiating Severance Packages in Tennessee
In Tennessee, and all across the country, employers often terminate their work agreements with employees. This can be for a variety of legal reasons including poor performance, lack of work, or corporate restructuring. However, employees are often terminated for illegal reasons such as age, race, gender or religion. If you are asked to part ways with your employer, you may be offered a voluntary severance package. A severance package generally consists of a form of payment, often calculated based upon weeks of compensation, given in exchange for waiving your right to sue the employer based upon the termination. There are several important things you should consider when negotiating a severance package with your employer during this difficult time. If you have questions, contact our Tennessee employment severance package negotiation lawyers right away. We will evaluate your case and enable you to strike the best deal possible with your former employer.What Should I Know About Tennessee Severance Agreements?
It is important to know certain information before negotiating a severance package. These items may include but are not limited to:
- Severance agreements typically include some form of a release of claims clause such as a non-competition or non-solicitation agreement.
- If your employer told you to sign a severance agreement without giving you time to review it, the release may not be enforceable.
- In most situations, you have the right to review the proposed severance package with an experienced Tennessee employment severance package negotiation attorney. This is always true if you are over 40 years old.
- In most cases, you will be giving up your right to file a lawsuit against the employer upon accepting the severance package.
- Your severance package may include a covenant not to compete which may restrict the type of work you can do for a period of time.
Severance packages are voluntary agreements between the employer and former employee. As such, everything is fair game. You can negotiate terms including health insurance continuation payments, pay for unused sick and vacation days, and other matters in addition to monetary payments. But beware because the employer can easily remove a potential offer. If you ask for too much, the employer may remove the offer. That is why it is important to have an experienced attorney advise you when negotiating a severance package.
One important consideration is how you wish to receive your final payment. Depending on the agreement, you may have options for the final payment such as receiving a lump sum or payments over a period of time. You should consider whether you would be comfortable with a limited salary over an extended period or if one big payment would be better for you. Another item to consider is how bonuses, incentive payments, and commissions you may have received during employment will be included in the severance package. Also consider negotiating a positive recommendation from this employer to a new employer when you are able to find a new position. This may be very helpful in planning your future.How Can a Tennessee Employment Severance Package Attorney Help Me?
If you have been terminated and have been offered a severance package, we strongly suggest that you contact our experienced and compassionate Tennessee employment severance package negotiation attorneys at The Higgins Firm as soon as possible. Likewise, if you have been terminated and have not been offered a severance package, you can still inquire about the possibility of negotiating one. We want you to receive the best severance package for your particular situation.
Contact us online or call us at 800.705.2121 to set up a FREE consultation to discuss your legal options.