Castronovo & McKinney’s severance lawyers in New Jersey can assist you in reviewing your severance agreement, separation agreement and release, and negotiating with your former employer to increase the amount of severance pay that you are being offered. Our lawyers have reviewed hundreds of severance packages and successfully negotiated significant increases in the amount of severance pay being offered to our clients. We offer two different types of services regarding your severance package.
Severance Review and Analysis: Our lawyers will provide a comprehensive severance review of the severance agreement, conduct an in-person or telephone conference call to discuss in detail the severance agreement, what was included in the severance agreement that should not have been included, what was not included that you are entitled to or should be included to protect you, we will discuss the details surrounding your termination to confirm that you are not waiving a potential lawsuit, and we will provide you with changes to the specific language of the severance agreement. We charge a flat-rate for this service. We believe that the flat-rate is preferred by our clients because they know how much it will cost them versus an hourly rate that could cost much more than they anticipated. Your review and in-person meeting or telephone conference can be completed within 24 hours of you contacting the firm.
Severance Negotiation: We will provide the same items listed above and we will take charge of negotiating the severance agreement on your behalf. We have had great success with negotiating additional severance for our clients. We also charge a flat-rate for this service.
Please review our severance blog articles on the various information: Average Amount of Severance Pay, How Much Is Enough Severance, Are You Entitled To Severance Pay In NJ, NJ Severance Negotiations, NJ Severance Law, NJ Severance Agreements – Things To Consider Before Signing, and Should I Sign a Severance Agreement That Says I Resigned?
Severance Agreements go by many different names; for example, they are often times referred to as separation agreements, employment termination agreements, release agreements, employee separation agreements, an employee separation agreement, separation agreements, employment termination agreements, employment release agreement, employee release agreement
Please be aware that severance agreements are taxed and you will have severance taxes and be required to make a severance pay tax. Tax on severance pay is based on your salary and the amount being offered. You may see an increase in the amount of severance tax based on a larger up-front lump sum. You should discuss your employment separation agreement with your accountant or tax professional to determine the amount of the tax on the severance pay.
There is no required amount of severance under the law, but we have found a standard amount based on the numerous separation agreement and releases we have reviewed. If your employer has provided you with an employment release letter, you may be able to negotiate the salary package being offered.
How to calculate your severance pay? Typically your employer will calculate severance pay based on the amount of years of service and will provide a weekly benefit per year of service. There are numerous things that we may be able to negotiate in your separation agreement or job offer package to try and increase the amount of pay you are receiving.
It is essential that you have an experienced lawyer review your severance agreement. Many attorneys who do not specialize in severance review will not be able to provide you with the same type of analysis because they lack the knowledge and experience.
Please call us for a free consultation or a second opinion regarding your severance package or amount of severance pay.