Handling Employment Law Matters in Chicago
In the state of Illinois, severance is not a requirement when an employer
terminates or lays off an employee. However, this is quite common, especially
for employees who make a great deal of money in their profession or whom
have worked for the company for a certain length of time.
At The Prinz Law Firm, our Chicago
employment law attorneys can assist you in drafting a severance agreement for some or all of your
employees. If you are an employee who has been offered a severance agreement
to sign, you should also take action to have the document reviewed before signing.
Why Are Severance Agreements Important?
The main purposes of a severance agreement is for an employer to have the
chance to assist their employees between jobs (bridging the gap when they
are not getting paid) and to minimize any potential liability which falls
on them. Many businesses choose to provide severance in order to secure
a release of claims from an employee or to prevent negative publicity
should they let them go in the future.
In such cases, you should consult with an experienced attorney that can
review and negotiate severance claims, as well as litigate the underlying
employment claim if necessary.
A few of the most common provisions which are included in severance agreements include:
- Severance pay
- Outplacement services
- Letter of reference
- Contribution towards heath insurance
- Bonus payment
Whatever the reason may be for your severance agreement, such as in response
to a claim of
discrimination, retaliation, reduction in force, or as part of company policy, we can
help. It is always advisable to have a competent lawyer review the terms
of the agreement which has been presented to you.
Please give The Prinz Law Firm a call today at 312.212.4450 to make
an appointment for a