November 30, 2020

Volume X, Number 335

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An “Employment Disaster Recovery Bag” Is a Must!

The COVID-19 pandemic continues to place heavy burdens on the economy. Therefore, executives at all levels should prepare for a transition in employment. As I wrote in December 2015, regarding a Wall Street Journal piece (December 1, 2015, page C1), and the same holds true today. Now, more than ever, it is important to have your ”employment disaster recovery bag” at the ready.

What Is in an Employment Disaster Recovery Bag?

  • Offer letter or employment agreement

  • Any confidentiality, non-solicit, non-compete, work for hire, and/or garden leave agreement

  • Employee handbook

  • Any document or plan relating to your equity, deferred compensation, bonus, pension, or any other aspect of your employment

Keeping your documents in order and up to date is a best practice for any employee no matter the level of seniority. Why? Because preparation is key when the ax falls in your direction and following being presented with separation documents. Also, if you retain counsel, you will make the process that much more efficient.

Preparing for an Employment Transition

A lawyer experienced in this area will understand your employment-related documents. Thus, he or she can advise you of your rights and obligations. If you go at it alone, there are risks that money may be left on the table or you may wind up agreeing to some limitation on your future job prospects.

Whether the loss of your job is expected or not, put together your Employment Disaster Recovery Bag. Finding and organizing the bag contents may take some time and effort. The investment will be worth it, though, so all is in order when the time comes. Plus, you may need to ask your employer for copies of documents. It is better to ask before your situation becomes tenuous.

©2020 Norris McLaughlin P.A., All Rights ReservedNational Law Review, Volume X, Number 297
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About this Author

David T. Harmon Employment Attorney Norris Law Firm
Member

David T. Harmon focuses his practice on the areas of executive compensation, employment, and business law.

As Co-Chair of the firm’s Executive Compensation & Employee Benefits Group, David represents senior-level employees of both public and private companies in the negotiation of their employment packages and all associated agreements, whether at the commencement of the employment relationship through offer letters and employment agreements or at termination through severance agreements.  His successful negotiation of employment and severance packages for clients includes...

(212) 808-0700 ext.4335
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