Any Severance Deal Should Be Reviewed By a Lawyer
Dallas, TX (Law Firm Newswire) December 16, 2011 – Corporate layoffs can happen for a variety of reasons and the severance packages that many companies offer their exiting employees can vary in their scale and scope.
It is important to have an experienced attorney review a severance package before signing it because employees often sign away more than they realize when they accept the money.
“It’s always a shocker when you get laid off from a company, but you need to remain calm and don’t sign the paperwork yet,” said Dallas business lawyer Ty Gomez. “Severance packages are loaded with wording that restricts your ability to move on to your next job. In some cases, you can improve the deal.”
Companies often will offer severance packages to exiting employees to protect the company. Many severance packages come with legal forms waiving the right to sue the company for wrongful termination or discrimination and some even include non-compete clauses that could severely impact the ability to get a new job or even start a company.
“Sometimes these severance packages can be negotiated and we can help you get a better deal,” Gomez said.
There are several things to pay close attention to as an exiting employee reviews an offer from the employer. The compensation itself might be a few weeks pay or it might be derived from a formula that considers length of service. In either case, Gomez suggests paying close attention to how much paid time off remains in the year because that can be another bargaining tool in a negotiation.
“It is tempting to just sign the paperwork and get out of the room in these situations,” Gomez said. “But it is critical that you have those legal documents looked at by an employment attorney who knows what to look for to protect a client.”
Gomez Law Group has experienced Dallas employment lawyers ready to help clients understand severance packages and get as much out of them as possible. To learn more about the Dallas business lawyer, Dallas employment lawyer, Dallas business attorney, or Dallas employment attorney Ty Gomez, visit http://www.gomezlawyers.com.
The Gomez Law Group
14135 Midway Road
Addison, Texas 75001
- Texas Court Keeps Franchise Tax on Partnerships
The Texas Supreme Court recently ruled that a business tax does not violate the state constitution and cleared the way for lawmakers as they attempt to change the tax in 2013. The tax enacted in 2006 was the first in the state to require partnerships to pay a franchise tax, according to Bloomberg. The tax ...
- Severance Packages Should Be Closely Reviewed
As the country continues to slog through a tough economy, there are still companies choosing to downsize and many of those companies offer severance packages as a matter of policy. When an employee is let go and the company offers a severance package, there are a few things to remember about the process that could ...
- Texas Supreme Court Ruling Narrows Scope of Anti-Retaliation Law
The Supreme Court of Texas this year decided that some state employees cannot file retaliation claims if they were fired after filing for workers’ compensation. Employees of Texas political subdivisions, or government groups that are confined by a specific geographic area like a water district, are exempt from retaliation laws set up to protect workers ...