A company could be facing financial problems and need to lay off employees, for instance, or they might want to move the business in a different direction that no longer needs anyone to fill an employee’s current role.
Whether the reason for ending your working relationship with your employer was termination, resignation, retirement, or a layoff, negotiating a severance agreement may be something you are faced with when it comes time to depart from your employer. One of our seasoned and dedicated lawyers in Nashville could help you review the terms of a proposed severance agreement or negotiate more favorable terms on your behalf.
When thoroughly analyzed and properly negotiated, severance agreements can be extremely beneficial to both parties to the agreement. As such, it is often important to have competent counsel from a seasoned Nashville severance agreements lawyer to ensure that you are not agreeing to unfair terms.
Potential Benefits in Nashville Severance Agreements
Severance agreements are often enticing to employees because they offer a financial incentive in exchange for waiving certain rights to file claims against the employer. As such, severance agreements typically are not limited to just a cash payout and may include additional benefits such as:
- Health insurance
- Life insurance
- Bonus payments
- Stock options
- Pension plans
Other benefits that are unique to a particular employment situation may also be negotiated into the severance agreement. An experienced Nashville employment attorney at Employment and Consumer Law Group could help you identify and negotiate for the benefits you need to feel comfortable with your agreement.
Restrictive Covenants Contained in Severance Agreements
Severance agreements often contain provisions that restrict your ability to take part in certain actions that could potentially disadvantage your former employer. Restrictive covenants like non-compete or non-solicitation agreements are the most common examples of these types of provisions.
It is usually more advantageous for you to negotiate these terms out of their severance agreement when at all possible. However, if an employer is not willing to remove these clauses, our firm could work with you to make them as unrestrictive as possible.
Waivers of Discrimination Claims
Including a waiver of discrimination claims within a severance agreement is generally permissible as long as the waiver is made knowingly and voluntarily by the employee. In return for your waiver and release, you should receive a benefit from the severance agreement.
Valid waivers can only be made for past acts of discrimination, so claims against future such occurrences cannot be waived. In addition, waiving certain categories of discrimination claims can be more complicated. For example, waiving any claim of age discrimination pursuant to the Age Discrimination in Employment Act (ADEA) requires adhering to strict regulations.
Under the ADEA, employers must give you a specified number of days to contemplate the agreement prior to acceptance, as well as a seven-day period to revoke the agreement. These conditions are not able to be waived by either party, so if they ever are, representation from a dedicated severance agreements lawyer in Nashville might be the best way for you to renegotiate or invalidate your severance agreement.
Talk to a Nashville Severance Agreements Attorney
If you have questions regarding your severance agreement, meeting with a representative of our firm could be a wise move. Reaching out to a lawyer prior to signing a severance agreement in Nashville is almost always more advantageous than not doing so.
A Nashville severance agreements lawyer has helped numerous individuals receive more favorable terms than what they were initially offered in their severance agreement. To get started on your case, call us today to set up an initial phone call or meeting.