philadelphia law firm reviewing and negotiating Severance Agreements in pennsylvania and new jersey

A severance agreement is an agreement between an employer and a departing employee that compensates the departing employee for termination of the employment relationship. Unless the employer previously agreed to provide severance pay to a departing employee through an employment agreement, plan, or policy, an employer is not required to provide severance pay. Many employers, however, offer severance to departing employees, especially long-term employees, in exchange for the employee entering into a severance agreement.

Severance agreement terms vary, but often include a set amount of severance pay to be received following signing of the agreement, whether there is any continuation of insurance or other benefits, whether the employer is providing job transition services, and employment verification and reference terms. In exchange for receiving the severance pay, the employee is usually required to waive his/her rights to sue the employer.

I received a severance agreement. What do I do?

Because most severance agreements include a general release and waiver of all potential legal claims the employee may have against an employer, it is important to consult with an employment attorney prior to signing a severance agreement. An employment attorney can help evaluate whether you have a potential claim for wrongful termination, including unlawful discrimination and/or retaliation. It is also important to consider how the severance agreement will affect your current benefits, such as pension and stock options, and your ability to collect unemployment compensation benefits. An employment attorney can often assist you in negotiating more favorable terms. Further, if you have not been offered a severance agreement at all, an employment attorney can help you ask for one.

If you received a severance agreement, contact employment lawyer Stephanie J. Mensing of Mensing Law LLC at (215) 586-3751. Ms. Mensing in an employment attorney with extensive experience reviewing and negotiating severance agreements in Pennsylvania and New Jersey employment matters. Schedule a consultation today to ensure that your rights are protected.