Is the Severance Package Worth It?

One of the first questions an employee being terminated and offered a severance agreement should ask is whether the benefits are worth it.   Sometimes a package may include many more burdens that actual benefits.

For example, you may not have entered into a non-compete or non-solicitation agreement when you were working with the company.  Now that the company has decided to terminate their employment, it wants to make sure that the employee doesn't compete with company or solicit any of the companies clients to come and work with the employee at the employee's new employer.  It is these types of situations when severed employees must try and predict their future employment opportunities and determine whether the compensation received is worth waiving the right to work for whatever company they desire or to contact all their clients to come and join them at their new company.  This is a question that you should discuss in detail with an employment attorney in order to weigh the rights being waived and the benefits being received.

It is highly recommended that you speak with an employment attorney to help weigh your options and to fully understand the impact that the severance agreement will have on your future employment opportunities.

You should feel free to call our firm at (973) 920-7888 for a free consultation.