There has been increasing talk of a looming recession recently. While we at Whitten & Lublin can’t predict the future, we can definitely help you prepare for it.
When you get terminated during an economic downturn, it can be quite the shock. You’re suddenly in a vulnerable position, and a new job could be hard to come by. It may be tempting to quickly accept whatever severance your employer offers lest it be revoked.
However, it is crucial not to be hasty when presented with a severance offer especially during a looming recession. Employers rarely give their highest offer right off the bat, and they almost never revoke a severance offer because an employee seeks independent legal advice. After all, employers are interested in a clean separation just as much as you are. We will review the severance offer and provide guidance and strategies on the possibilities of improving the offer. Offers can usually be enhanced at least a little bit, but once a release is signed, your lawyer’s hands will be tied and you will likely be stuck with that offer.
While at this time you may not be working, it’s important to keep your future in mind. When you find your next opportunity, it is important to remember an ounce of prevention is worth a pound of cure. Whenever you accept a new position, you should have your contract reviewed to ensure your entitlement to an appropriate severance package if terminated without cause, and that the wording does not make your employment tenuous. Even if business is booming when you start, the cyclical nature of the economy means a downturn and recession are inevitable.
Whether you’re planning ahead or trying to make the most of a termination during a looming recession, you should reach out to Whitten & Lublin Employment Lawyers to speak with an experienced employment lawyer online or by phone at (416) 640-2667 today to get your severance package or employment contract reviewed by an experienced lawyer.
Author: Sohrab Naderi