Severance Law in New York
Attorneys assisting with severance packages
Businesses are not required by law to provide severance pay in New York when an employee is terminated or laid off, except if pursuant to a company policy, employment agreement, or other contract. However, severance can be useful when offered by a business as a benefit to entice potential employees to work for your company. Severance is often negotiated as an employee benefit in an employment agreement, provided by the company as a general benefit in an employee handbook, or by policy or practice. Once an employer agrees to pay severance in an employment agreement or policy, they are generally required to pay severance according to the terms of an agreement.
The Watanabe Law Firm, LLC helps businesses draft employment agreements and employee handbooks addressing severance benefits, and represents executives and officers in negotiating severance packages for incoming and departing employees. Our attorneys help clients tailor severance packages to best suit their needs and goals. We help clients consider all aspects of severance in New York, including eligibility requirements, such as which employees qualify, required length of employment, and rate of pay. In addition to monetary benefits, severance packages can also include:
- Stock or stock options
- Health insurance benefits
- Unemployment benefits
Creating a workable severance package with an experienced attorney at the outset can help businesses obtain quality employees, maintain a beneficial reputation, and ensure smooth transitions for incoming and outgoing employees. Our lawyers also regularly assist clients in severance package negotiation at the time of termination, including terms of release of claims agreements. In addition, our experienced trial attorneys provide excellent representation for clients involved in severance disputes.
Contact knowledgeable severance lawyers today
Businesses, executives, and other professionals can all benefit from negotiating severance with the help of an experienced lawyer. At The Watanabe Law Firm, our New York employment attorneys have substantial experience in employment law, including severance negotiation and litigation. To discover how we may be able to assist you, contact The Watanabe Law Firm, LLC at 212-486-7005 or complete our contact form today.