Signing a Severance Agreement
If you are about to be laid off, or have been recently laid off, it is advisable that you speak with an attorney before signing any severance agreements. Once severance agreements are signed, you may have waived your right to seek unpaid overtime, benefits, or wages. Additionally, if you sign a severance agreement, you will not be able to negotiate for a better severance package.
Factors to Consider Before Accepting Severance Pay
When signing a severance agreement, there are many considerations that need to be made. Are you giving up rights that you may want to retain? Such as the right to seek additional compensation through an FLSA (Fair Labor Standards Act) claim? Do you have a pension? If so, how does the severance agreement handle that? Does the agreement require you to sign a
non-compete? If so, you may not be able to get a new job during the period of your severance.
Many people are happy to just sign a severance agreement, feeling that they are lucky to be getting anything. However, you have many rights as an employee, even if you are being laid off. An attorney from our firm can help you review your severance agreement, and determine if you should sign it or not. You may be able to negotiate a better severance package!
Texas Overtime Lawyers
At Sloan, Bagley, Hatcher & Perry, we are well versed in all areas of business and employee law, including overtime law and severance agreements. Many people do not realize that a severance package is negotiable, and they sign it without considering the alternatives.
Our attorneys have over 100 combined years of legal experience, and we can help you understand both the pros and cons of the severance agreement you have been offered. In some cases, you may find that it is better to not sign your agreement at all. Let our attorneys help you through this confusing time.