Executive Severance Negotiations
The executive severance attorneys at Mansell Law routinely represent executives in severance negotiations and have increased severances by millions of dollars in total. If you are executive facing possible termination, or if your employment has been terminated, the most important first step is consulting with an attorney on your severance and determining the right strategy for negotiating.
What is aN severance package?
A executive severance package typically consists of a document or group of documents that offers you a benefit to which you are not otherwise entitled in exchange for something. Generally, a severance package provides an offer of severance pay and additional benefits. These could include COBRA coverage or outplacement services, for example. In exchange for these benefits, you are typically agreeing to waive your right to pursue legal claims against the company, with a few exceptions. You may also be asked to agree to certain confidentiality and non-disparagement provisions.
Are employers in Ohio required to offer severance packages?
No, Ohio law does not require employers to provide severance packages upon termination of employment. However, if you entered into an employment agreement that provides for severance pay upon separation, then your employer may be contractually obligated to provide a severance in accordance with the terms of your agreement.
What is a typical severance amount?
There is no specific formula or “standard” amount of severance. Employers’ severance offers depend on a number of factors, including, but not limited to size of the business; length of your employment; your position in the company; whether the termination was part of a larger reduction in force; and the particular circumstances of your termination; among other things. Consulting with an attorney can help you understand whether the severance package offered to you is equitable and fair in light of all circumstances of your particular situation.
Why should I hire an Executive Severance attorney to negotiate my severance package?
Mansell Law’s employment attorneys are experienced in reviewing and negotiating severance packages for executives and will begin by reviewing all circumstances surrounding your employment and your termination or departure. We will review the severance documents presented to you and provide advice and guidance on negotiating your severance package.
We will answer questions you may have about your agreement or the law; understand your goals in negotiating your severance package; consider any areas of legal leverage you may have that will assist in negotiations; and advise you on the negotiations. Typically, our attorneys will contact your former employer and handle all communications related to the negotiation on your behalf, while keeping you informed every step of the way. We will advocate for you to maximize the severance offer to put you in the best possible situation for a favorable outcome.
We are experienced in negotiating severance agreements, and we will help you understand what is important to focus on during negotiations. Understanding whether you have legal leverage you can use in the negotiations is of primary importance. Without an attorney, you are at a disadvantage by not having all the tools necessary to evaluate possible legal claims that will impact an employer’s incentive to negotiate. Negotiating with your former employer through an attorney also tells your employer that you are serious about the negotiation and have taken the step of hiring counsel to advocate on your behalf. This will put you in a better position for a successful outcome.
Even if you have not been offered a severance payment upon termination, you should consult with Mansell Law’s executive severance lawyers in Columbus, Ohio to determine if you have grounds to request a severance or negotiate your severance.