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The key to negotiating a better severance package and increasing the severance pay is leverage. Employees who are terminated and offered a severance agreement typically tell us that they “want more” or “need more” severance pay. If you want or need to increase your severance package, you need to have leverage.
We have found that you can determine if you have leverage to negotiate your severance pay falls if you answer yes to any of the following questions: (1) Do you have a potential lawsuit or claim against the company that you don’t want to waive? (2) Does the employer possibly require your services or cooperation after your employment is terminated? (3) Where you promised anything that the employer failed to pay you? and (4) Does your employer want to make sure that you do not disparage them to clients and customers?
If you answer yes to any of the above questions, you may be able to negotiate an enhanced severance agreement. Please contact us if you would like our assistance in helping you negotiate your severance.
March 16, 2010 -Tom McKinney – Castronovo & McKinney – New Jersey Severance Attorneys