Executive Severance Negotiations: What You Need to Know

 The world of executive employment comes with its unique challenges and complexities, especially when it comes to termination and severance packages. Navigating these waters can be daunting, but with the right legal guidance, you can secure a favorable outcome. At Mansell Law, our experienced executive severance attorneys have successfully represented countless executives, increasing their severances by millions of dollars. Here’s what you need to know about executive severance negotiations and how we can help you.

Executive Severance Negotiations

What is an Executive Severance Package?

An executive severance package is typically a collection of benefits offered to an executive upon termination of employment. These benefits are usually provided in exchange for the executive waiving their right to pursue legal claims against the company. A standard severance package may include:

• Severance Pay: A lump sum or periodic payments.
• COBRA Coverage: Continued health insurance coverage.
• Outplacement Services: Assistance in finding new employment.
• Additional Benefits: Such as stock options, bonuses, or retirement benefits.

In exchange, the executive often agrees to certain conditions, such as confidentiality and non-disparagement clauses.

Are Employers in Ohio Required to Offer Severance Packages?

In Ohio, employers are not legally required to provide severance packages upon termination. However, if an employment agreement includes terms for severance pay, the employer may be contractually obligated to honor that agreement. Consulting with an attorney can help determine if your employer is bound by such an agreement.

What is a Typical Severance Amount?

There is no one-size-fits-all answer to this question. The amount of severance offered can depend on various factors, including:

• Size of the Business: Larger companies may offer more substantial packages.
• Length of Employment: Long-term employees might receive higher severance pay.
• Position in the Company: Executives often receive more significant severance packages.
• Circumstances of Termination: Factors such as whether the termination was part of a larger reduction in force or due to specific performance issues.

An experienced attorney can help assess whether the severance package offered is fair and equitable based on these factors.

Why Hire an Executive Severance Attorney?

Navigating severance negotiations without legal assistance can put you at a significant disadvantage. Here’s why you should consider hiring an executive severance attorney:

1. Expert Review: An attorney will thoroughly review your severance documents and the circumstances of your termination.
2. Strategic Advice: We provide guidance on the best negotiation strategies based on your goals and leverage.
3. Legal Leverage: Identifying any potential legal claims can enhance your negotiating position.
4. Negotiation Representation: We handle all communications with your former employer, advocating on your behalf.
5. Maximized Outcomes: Our goal is to secure the best possible severance package for you.

At Mansell Law, we are experienced in executive severance negotiations. Our attorneys will ensure that you understand your rights and options, helping you to achieve a favorable resolution.

Contact Mansell Law’s Executive Severance Lawyers in Columbus, Ohio

Even if you haven’t been offered a severance payment, consulting with our lawyers is essential. We can determine if you have grounds to request or negotiate a severance package. Our team at Mansell Law is dedicated to advocating for your rights and ensuring that you receive the severance benefits you deserve.

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