Severance Package Negotiation Lawyers in Moorestown
Over the years, we have successfully represented hundreds of New Jersey employees in severance package negotiations. One of the questions that frequently comes up is whether there is some formula out there, or some set of rules that apply, for figuring out the amount of severance pay that is “fair.”
Some employers do choose to adopt “severance pay plans” that may provide for a week or two’s pay for each year of service, but we have found that those plans frequently contain loopholes (for example, severance pay not available if you are terminated for performance reasons) that employers will invoke in order to deny even that small amount of severance pay. Thus, we have recently found a number of large employers doing exactly that – terminating long-term employees for trumped up “performance reasons” in order to deny them severance pay.
Moreover, if you have a viable legal claim under New Jersey or federal employment law based on the circumstances surrounding the termination of your employment, it is frequently possible to negotiate an amount of severance pay well beyond the limits set out in any severance pay plan.
Are Severance Packages a Good Way to Finance Your Life While You Look for a New Job?
While severance pay will never fully make up for the damage caused by a termination, a good severance package will certainly ease the transition into your next job. Although there are some situations where you can, on your own, negotiate a favorable severance package, we’ve found that to be the rare exception. To the contrary, whether using our law firm or some other, we believe you are much better served being represented by a lawyer in negotiations. A lawyer can either guide you in negotiations while staying behind the scenes or, as is more common, negotiate directly for you.
Aside from having a good lawyer representing you, there are many factors that can influence the outcome of the negotiation of a severance package on your behalf. They include the strength of any potential legal claim that you may have; the amount of severance that has already been offered; the length of your employment; your work performance; and a host of other factors. No two cases are alike, and each case needs individualized attention. Very often, if there is a non-compete agreement in effect, that too becomes a subject for negotiation.
Contact our Experienced Attorneys Today
Attorneys Richard Schall and Patricia Barasch, between them, have negotiated hundreds of severance packages for their clients over the years. In many of these cases, we negotiated substantial severance packages where none had been offered; in other cases, we were able to greatly enhance the amount of severance pay that the employer had already presented. We are dogged and aggressive in negotiations on behalf our clients, but at the same time well-respected by the management-side attorneys we go up against.
If you are interested in discussing with us whether we can assist you in negotiating a severance package, or improving the one that has been offered, please contact our firm by calling (856) 242-8491 or filling out our online form.