Severance Agreement Lawyer Wyandotte, MI

Have you been terminated from your job and presented with a severance agreement by your employer? Alternatively, were you given the option to voluntarily resign in exchange for severance? In either case, you may be uncertain what to do next or how to get the most out of the situation. You need someone on your side with a clear head and the ability to negotiate effectively on your behalf. In other words, you need an attorney from the law firm of Fagan McManus, P.C.

For more than 25 years, we have been working with employees in the Detroit metro area and throughout Michigan. It is our mission to help you understand your rights under both state and federal employment laws, to stand up for you, preserve your rights, and hold your employer accountable to the law.

Don’t wait. Call our office today for a free consultation about your situation with an employment lawyer serving Wyandotte, MI. You only have a short period of time in which to review your severance agreement, so contact us now.

What Is a Severance Agreement?

A severance agreement is a negotiable contract between an employer and an employee in which the parties exchange payment after termination for a release of claims. Severance agreements are not usually available to people who voluntarily leave their jobs. Michigan employers are not required to offer severance. Before you sign any document of this type, you should consult an experienced employment lawyer from a law firm that handles employee matters routinely. A severance agreement can have a significant impact on your future employment opportunities.

Terms You May Find in a Wyandotte, MI, Severance Agreement

Because a severance agreement is a legally enforceable contract, you must carefully review all the included terms, and you should never sign one without having a lawyer review it first. You may find provisions in the contract that deal with each of these topics:

Severance pay: A lump sum or a continuation of your salary based on the length of time you worked for the company. One week’s pay for each year worked is a typical formula.
Continuation of benefits: Health insurance and other benefits may continue for a specified period. The contract should specify which party will pay and how much.
Unused PTO: If you have unused paid time off, the amount of money for the time you’re owed can be included in a severance agreement.
Bonuses or commissions: The severance agreement can address whether you are entitled to all or a part of the bonuses or commissions that would have come your way had you continued to be employed for the next few weeks or months.
Non-compete clauses: A non-compete clause restricts your ability to work for competitors for a specific period after your termination.
Non-solicitation clauses: Like a non-compete clause, a non-solicitation clause prohibits you from contacting any of your current employer’s clients or employees for a specified period after your job ends.
Confidentiality terms: These clauses are intended to prevent you from discussing a variety of topics, which could include the terms of your own severance agreement.
Release of legal claims: When you sign a severance agreement that contains a release of legal claims, you are giving up your right to bring any claim against your employer for any reason in the future.

Other provisions may be included in your specific severance agreement. Don’t hesitate to contact an experienced lawyer for advice if you have any questions about one or more of the clauses in the severance agreement. You should have a thorough knowledge of all the terms in the contract before you sign.

How to Evaluate Your Severance Package

Because a severance agreement can have a significant impact on your future and your finances, you should have an attorney from an employment law firm review your severance agreement with you. Never sign the agreement right away. Take the time to review the document and determine whether you believe it’s fair.

You should pay close attention to whether your agreement conforms to industry standards. Even if you don’t know what those are, an employment law attorney can advise you. Technology and financial services companies may offer more substantial severance pay than retail companies, for example.

Review the amount of pay you’ll get and look at the formula they use to arrive at the number. If you’re a higher-level employee, you may qualify for more than one or two weeks of severance per year of service due to your leadership responsibilities or other contractual agreements you’ve made with the employer.

Explore whether the company has a set severance policy or if they make termination package decisions based on past employees in similar roles.

Finally, pay close attention to which rights you’ll be giving up if you sign a severance agreement that includes a release of claims.

What Terms Can You Negotiate?

Rather than negotiating your severance agreement yourself, you could engage a lawyer from a reputable employment law firm to negotiate on your behalf. Doing so preserves your professionalism and allows you to take advantage of the lawyer’s extensive knowledge of severance agreements.

Most terms in a severance agreement can be negotiated, including the amount of pay you’ll get and the timing of its disbursement. You can negotiate an extension of health benefits beyond the standard COBRA period, or longer access to other benefits, like life insurance or retirement contributions. You can also ask for assistance with your job search, resume writing, or career counseling services.

You can attempt to negotiate any clauses that limit your rights, such as non-compete clauses or confidentiality agreements. You can also request a positive reference or an agreed-upon reason for your departure.

How a Severance Agreement Lawyer Serving Wyandotte, MI, Can Help

When you’ve reached the end of your employment with your current employer, and they present you with a severance agreement, don’t sign it without running it by an experienced severance agreement lawyer first. You likely don’t have the experience or insight a lawyer gains over the course of their career. They will be able to recognize issues and provisions that could work against you.

A lawyer will be on the lookout for overly broad releases, confidentiality terms that are too strict, repayment clauses, cooperation clauses, and non-compete language that is not favorable to you. They can also advise you in the event that the employer is pressuring you to sign the document quickly. If you’re a person over 40 years of age, the federal Older Workers Benefit Protection Act (OWBPA) requires that the employer give you 21 days to consider the severance agreement and seven days to revoke. Your lawyer can tell you more if you fall into that category.

Get Legal Representation From Fagan McManus, P.C., Today

When you’re faced with job termination, and your employer hands you a severance agreement, don’t sign it until you’ve had a chance to review it with an employment law attorney serving Wyandotte, MI, first.

Our lawyers at Fagan McManus, P.C., are proud to represent employees, and we’re not afraid to take on big corporations. We’ll use our experience and our deep commitment to justice and fairness to work toward a severance agreement that is fair to you and places you in the best position to move forward from your current employment.

Call our law firm today for a free initial consultation with an employment law attorney.