It is important to understand what a severance agreement is to ensure that you do not sign one that will cause future issues down the line. Reach out to our skilled New Jersey employment lawyers today to learn more. Our firm is here to help.
What is a severance agreement?
In the event that an individual is laid off from a job, their employer will likely offer a severance package. The goal of this agreement is to supply the employee with a financial buffer for a specific amount of weeks or months so the employee does not have to worry about their finances running out while looking for a new job.
What can cause issues in a severance agreement?
More often than not, employers will implement some of the following clauses in a severance agreement. While these clauses are simple, they can be unfair to an employee. Because of this, it is essential to understand these clauses and what they involve:
- A proprietary information clause: These clauses protect any confidential information you’ve received regarding your company.
- A non-disparagement clause: These clauses are included so that employees cannot publicly speak negatively about anything having to do with the company after leaving.
- A non-solicitation clause: This prevents employees from recruiting or otherwise hiring co-workers from the company that laid them off.
- A non-compete clause: These clauses prohibit people from seeking employment from direct competitors of their former employer for a certain amount of time.
- A release of legal claims: This clause prevents employees from making any sort of wrongful termination claims against their former employers. If you believe you have been wrongfully terminated, you should not sign an agreement that includes this clause.
Do I need the help of an attorney when it comes to signing a severance agreement?
While severance agreements can sometimes appear too good to be true, you should not impulsively sign yours right away. That is because in some cases, clauses can hurt employees in the future. Because of this, it is in your best interest to retain the services of a skilled employment law attorney. It is critical that you advocate for yourself and ensure that your severance agreement is fair to you and your future.
If you would like to learn more about severance agreements, reach out to our skilled New Jersey employment law firms. Our dedicated New Jersey employment lawyers are on your side.
Contact our Firm
The dedicated and compassionate attorneys at Vigilante Law Firm, P.C. would be happy to provide you with assistance in your case and help you protect your future when so much is on the line. Contact us today to schedule a consultation so we can assess the specific circumstances surrounding your lawsuit.