Irvine Severance Agreement Lawyer

Irvine Severance Agreement Attorney

Getting fired is always stressful, especially if you don’t have any contingency plan or a job lined up in your immediate future. If you are fortunate enough to be offered a severance package, which is not an automatic perk in California, you may feel like the financial security that the severance provides is enough for you. However, you may want to make sure you aren’t being taken advantage of. An Irvine severance agreement lawyer can look over your agreement to see if it aligns with your interests.

What Exactly Is a Severance Agreement?

When your employer offers you a severance package, they are offering you a legally binding contract that contains certain perks, benefits, and payment terms, provided you agree to a number of stipulations that protect the company from any legal action you may wish to pursue. Not every severance agreement is going to come with harsh stipulations, but many will. It is important that you have a lawyer examine your agreement before signing it, just in case.

A severance agreement is often a way for your company to do some preemptive damage control, should you wish to seek legal action in the form of a wrongful termination claim. By signing the agreement, you may be signing away your right to file a claim against your employer for any grievance, not just wrongful termination. This is just one item that a severance agreement might contain, but it’s important enough to consider hiring a severance agreement lawyer.

Severance Agreement Laws

California state law requires all employers who offer a severance package to also give you at least five days to look the agreement over with your lawyer before signing it, provided you agree with the final draft. If the severance agreement is particularly complex or the employee being offered the agreement is of an advanced age, they may have more time to consider the agreement.

You should always remember that California is an at-will employment state. Essentially, this means that no employer in California is required to provide you with cause if they decide to terminate your employment. They can do so whenever they wish. Additionally, no employer in the state is legally required to provide their terminated employees with any kind of severance package. It is your company’s decision to provide severance if they so desire.

What Could Be in a Severance Agreement?

There are many different perks, benefits, and legal stipulations that could be included in your severance agreement. There could be many different elements that benefit you greatly, but there could also be aspects that undermine your ability to hold your employers accountable for certain activities. You want to make sure your former employers are not trying to prioritize their own interests over yours or take advantage of your position. Two elements that may be included in your agreement are:

• A Confidentiality Agreement: Not every company is transparent about the kind of work they do. If you have a certain level of security clearance or are working with protected data, there is a strong chance that your employer will have you sign a standard confidentiality agreement or a non-disclosure agreement (NDA). This protects their long-term investment and makes sure you don’t share trade secrets with any public entity.
• Health Insurance Information: One of the most alarming parts of losing your job is losing access to your health insurance. A good severance package may provide you with a certain amount of time in which you may still be covered by your employer’s health plan, though this is never a guarantee that you can count on. Your agreement may contain information regarding the COBRA Act and how to maintain your current coverage.

FAQs About Irvine,CA Severance Agreement Law

Q: Do I Need a Lawyer to Negotiate My Severance?

A: Technically, you are not required to hire a lawyer to look over your severance package and negotiate on your behalf. If you feel the severance package is fair to you and wish to sign it, just to move on, you are well within your legal rights to do so. However, if you feel your company might take advantage of your goodwill, you should consider having a lawyer look over your agreement to make things clearer for you.

Q: How Much Does It Cost to Have a Lawyer Review a Severance Package?

A: The amount that it might cost you to have a lawyer review your severance package will depend entirely on the lawyer you seek to hire. Many lawyers may charge you a flat fee for a singular task, as opposed to an ongoing retainer for additional work, but that depends on the lawyer as well. The price will vary depending on the lawyer’s location, experience, and availability.

Q: What Is the Average Severance Pay in California?

A: There is no reliable way to determine the average severance pay in California. This is largely because no company in the state is legally required to offer any kind of severance package to terminated employees. Many of these agreements are also confidential. Severance pay is erratic and varies greatly, depending on the company that decides to offer such a luxury to their employees. It’s usually based on the employee’s length of service.

Q: What Is the Rule of 70 for Severance?

A: The Rule of 70 is a general guideline that is used to determine whether a terminated employee’s severance package should also take into consideration their retirement benefits. This is determined by adding together the employee’s age and years of service with the company. If the final number is at least 70, they may be eligible for additional retirement benefits with their severance pay.

Contact a Severance Agreement Lawyer Today

Losing your job is enough to cause unexpected challenges in your life, but finding out you are being taken advantage of in your severance could just make things worse for you. Severance is often negotiable. By hiring a lawyer to look over your agreement, you may be making a bold move that could inspire your company to be fairer toward you. Contact the Law Offices of Corbett H. Williams today to speak to a team member about your case.