Maximizing Your Severance Package: Expert Evaluation
How to Evaluate Your Severance Pay Package
When it comes to severance packages, it's not just about the dollars and cents – it's about knowing your rights and options. And there is limited information available about what is generally a reasonable severance offer.
That's where our experienced employment lawyers come in. We'll delve into the critical aspects of evaluating your severance offer and provide guidance on making informed decisions.
Understanding Severance Laws
While Massachusetts doesn't mandate severance offers, many employers extend them for various reasons. Whether as a gesture of goodwill or to mitigate future legal claims, it's important to comprehend the scope of your rights and claims.
If you have an employment contract outlining termination pay, its terms govern your entitlement. Typically, such contracts specify separation pay and benefits, often based on your tenure.
In cases with an employee handbook detailing a severance policy, your employer usually adheres to it, though these policies aren't legally binding. If you're offered more than what the policy suggests, your employer may have underlying concerns about potential legal liability.
Release of Claims: A Critical Component
Most severance agreements entail a release of claims. This means you must ascertain if you have any potential legal claims arising from your employment and their potential worth.
For instance, if you belong to a protected class under state and federal discrimination laws, your termination might warrant discrimination investigation. Similarly, if you've recently taken medical leave, disclosed a disability, or reported workplace discrimination or harassment, you could have a retaliation claim.
Suppose you have an employment contract limiting your employer's termination powers. In that case, it's crucial to review this with your attorney before accepting the severance.
Weighing Severance Pay Against Legal Claims
Determining whether your severance pay surpasses the value of your potential legal claims depends on two factors: the likely damages you'd recover if you pursued claims and the probability of success.
Need Help With a Severance Agreement?
Wondering If You Have a Claim for Wrongful Termination or a Reason Not to Sign a Severance Agreement?
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How Our Employment Lawyers Can Help
Our experienced team is here to help you evaluate your severance offer, understand your rights, and determine the best course of action for your unique situation. You can use the button below to schedule a call back from a member of our team, or give us a call at 781-784-2322.