New York Severance Packages
Donald Trump’s signature phrase on The Apprentice is the only time the words “You’re fired" evoke any feeling other than utter defeat. One aspect that Trump’s popular Apprentice does not look at when firing celebrities is the severance package. New York severance packages can come in many forms, but you should know what you are giving away before you accept a severance package.
In essence, a severance package is some type of payment or other benefit in exchange for a release of claims against the employer. It is easy to see how recently terminated New York employees can become blinded by a benefit in the wake of a lost job, but as an employee you need to be aware of the legal exchange you are making with your former employer.
A severance package can take an array of forms: compensation, assistance finding a new position (including letters of recommendation), uncontested unemployment benefits, continued benefits and just about anything else you can think of. If an employer lets you keep your company phone after you are gone, that can be considered part of a severance package.
Ok so here’s the other part of the severance package equation: the employer wants something from you in return. The overwhelming majority of severance package situations are those in which the employer cannot be sued for anything after you leave. Also keep in mind that an initial severance package offer is written by the employer with employers’ best interests directing the severance offer. Although there is a chance an employee and employer are in line with their desires, there is room for negotiating a severance agreement in many situations.
Changing jobs, whether welcome or unwanted is a stressful time. Don’t project your emotions by accepting a severance package if you think a wrongful termination suit better fits your situation. Whether you feel like you should receive a severance package that has not been offered or worry that you agreeing to one is costing you more than you would otherwise receive via other means, give us a call to talk about your best legal options.
