Philadelphia Severance Agreement Lawyers
Severance Agreements and Their Broad Significance
A severance agreement, also called a separation agreement or termination agreement, specifies the terms of your employment termination. The Agreement will set forth the amount of severance pay and the manner in which it will be paid. In addition to your obligations, the Agreement will outline provisions relating to vacation pay, COBRA and other benefits you may be entitled to receive. It is customary for the Agreement to include confidentiality and non-disparagement provisions, as well as other restrictions upon your conduct following the termination, such as restrictive covenants and non-compete clauses. It will most likely also include a clause that waives your right to sue your employer, generally referred to as a release of claims. This means that you agree to forgo legal claims and release your employer from liability by signing it. In exchange, your employer will likely offer “consideration” in the form of additional severance pay.
As experienced Philadelphia employment lawyer, Sidney L. Gold and Associates are prepared to help you dissect and understand the ramifications of such provisions, with your best interests in mind. We have been reviewing and advising on severance agreements for 35 years and ensure that our clients get the best possible agreement. With our extensive employment law experience, our PA employment lawyers are able to identify the modifications necessary to protect the interests of our clients. We then negotiate into the agreements as many modifications as possible to further our clients’ interests.