Colorado Severance Pay: Your Guide to Benefits
Simple 4-Step Process to Secure Your Severance
Call us or fill out a contact form.
Our office will schedule a date and time for the meeting (either in person, Zoom or by phone). All meetings can be scheduled within 24 hours.
Our severance package lawyer will conduct a thorough review of the agreement before discussing it carefully with you and answering your questions.
Our attorneys will send you a detailed email regarding any changes, revisions, or other items that need addressing with your previous employer. You will then have the option to negotiate with your employer directly on your behalf to retain us to negotiate for you to try to improve the terms and amount of severance pay.
Understanding Severance Packages in Colorado
State employment law offers many protections in Colorado, but you may feel at a loss if you have recently been let go from your job. Whether this was part of a downsizing or perhaps you feel that you were wrongfully terminated, it’s important to review all of the documents your employer shares with you, especially if they contain a severance package. The amount of severance pay in Colorado is determined by the employer, and usually they offer minimal benefits in exchange for your signature on other clauses in the agreement.
No matter what kind of pressure you may feel from your employer to sign right away, you are legally entitled to take your time and seek a second opinion. It’s a good idea to have your severance agreement reviewed by an experienced attorney before you agree to it. A review will allow you to understand the contract terms and determine whether you may be able to negotiate for more.
In Colorado, our dedicated team of Severance Lawyers helps individuals understand what their severance pay agreements mean for them and what they can do to obtain higher benefits and protect its best interests in the next stage of their careers.
Review My Severance Agreement
Your Rights Regarding Severance in Colorado
Colorado employment law allows an employee time to review the severance documents before signing. If you’re over 40, you have at least 21 days. Take advantage of this opportunity to carefully weigh the pros and cons of your employer’s terms.
Severance agreements often ask you to waive your right to future litigation against your employer. Especially if you feel that you may have been wrongfully terminated or discriminated against, it’s important to seek legal counsel. Our Colorado lawyers can help you negotiate the terms of your agreement. You can ask for almost anything from more severance pay to extended benefits to employment counseling to resources to help you find your next job. Remember, your former company has almost certainly received legal advice to protect their best interests. It’s only fair that you do the same to ensure you get everything you deserve.
Our lawyers with years of knowledge and experience in Colorado employment law are ready to review your severance package and answer any questions about the terms provided by your company. Get a consultation today and start negotiating a fair severance agreement.
Call Now for a Consultation
Meet Our Award-Winning Team
Our Severance Lawyers have received numerous awards and accolades from:
- Super Lawyers – Employment Law
- Super Lawyers – Rising Stars
- Corporate Intl Magazine – Employment Law Firm of the Year
- AI Business Team – Excellence Award
Our recognitions show our hard work and dedication to caring for our clients and getting them the most they deserve from a severance agreement.
Speak to a Colorado employment law attorney today for advice and understanding of your documents and offer of severance pay. Our years of experience and skills allow us to find even the smallest benefits to help you gain more from a severance package. We will work to give you the peace of mind you deserve.
Schedule a Consultation by Calling (800) 466-5015.
Client reviews
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- Al W.
This law firm helped me achieve the results that I needed. Would recommend Paul to anyone that feels as though they have been wronged and need legal guidance and assistance.
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- Wendy G.
My experience with Severance Lawyers was excellent. They gave my case all the time and attention that was needed to be successful. They were a calming and confident presence during a difficult and uncertain time for me. Their guidance was outstanding at all times, prompt, professional, timely and open for calls and quick updates. They invested the time to work through all of my questions and issues. I can’t thank them enough and would hire them again.
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- Michelle M.
Tom and his staff understand the law very well. They are quick to return calls, take the initiative, and explain things in a way I can understand. From start to finish Tom was there to help me out every step of the way with our case. I am glad to have Tom and his team on my side. I simply cannot thank them enough!
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- Tucker W.
I found myself in a challenging & stressful situation that required legal representation and their attorney Paul Castronovo handled it beyond my expectations. Paul is incredibly experienced/knowledgeable and I just felt like I was in good hands the entire time. Paul has a calming demeanor too–which is helpful in these stressful situations. Paul helped turn my lemons into lemonade.
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- Sweta M.
Tom McKinney’s prompt attention, articulate and comprehensive advice addressed my Employment Agreement related issue. His confidence shined through instilling the confidence in me and peace of mind having him by my side. If you’re dealing with the proverbial ‘blood sucking’ company, look no further than Tom’s voice of reason.
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- Austin S.
Going to Tom and his team for my case was the best decision I made. He was professional and knowledgeable in employment law. He helped me reach a resolution and I could not recommend him enough for anyone else out there.
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- Sean C.
Tom McKinney is one of the best attorneys that I know…whether to negotiate on your behalf or reviewing your agreement to make sure you are getting maximum value for your compensation. From stock options to deferred compensation. I have referred him to friends in NJ and NY.
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- Joe K.
I had Tom review my severance agreement. He provided a lot of valuable insight. I was able to go back to my employer with various points and double my package. Tom was prudent in having me use his services (told me to go back to my employer before fully engaging him) and I did not overpay when not needed. Other lawyers could have easily taken advantage of my situation and over-lawyered the situation.
Have Questions?
We Have Answers!
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How long do I have to sign the severance documents?
When companies terminate employees and provide a severance package, the goal of the severance is to benefit both the company and the employee. Therefore, the employee has time to review the agreement. Review timelines depend on employee age and the number of people terminated simultaneously.
- Employees under the age of 40 – No set time frame, but it must be reasonable and ample enough to review and understand the components.
- Employees over the age of 40 – 21 days to review and sign and 7 days to reconsider and revoke your signature.
- Multiple terminations at once – 45 days to review and sign and 7 days to reconsider and revoke your signature.
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How is severance pay calculated?
Several factors go into severance pay amounts. Employees in higher management positions may receive additional benefits like longer pay terms, office equipment, or medical benefits.
Typical payouts can last up to 26 weeks and go by the following calculations:
- Hourly Employees: Number of years with company X 1 week of regular pay = Severance Pay $ Total
- Salaried Employees: Number of years with company X 2 weeks of regular pay = Severance Pay $ Total
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Am I entitled to severance pay?
No, most companies provide a severance agreement when they lay off or fire an employee. Offering a severance package is entirely optional for the company. Most companies only do it to protect themselves from future lawsuits, the employee going to a competitor company, or adverse claims from the employee. The company takes multiple factors into account when preparing the packages.
