Severance for Professional Staff?
I’ve recently experienced an unexpected leadership change at my V10 firm, and I suspect I might be let go sometime this year. While I’m actively seeking new opportunities, I’m also curious about what severance packages might look like if that happens.
When I was an associate, I remember a typical severance range of 3-6 months of salary with some time allocated for job search support. Now, after 7 years in a senior, well-compensated role (earning around $300K plus a $100K bonus) in a non-billable position, I’ve consistently received outstanding reviews marked as “exceeds expectations.” If a layoff does occur, it wouldn’t be due to performance issues.
Does severance usually cap at 6 months for staff? Given my 7 years of service, would I be entitled to at least that amount? Are there standard calculations, like offering two weeks to a month’s pay for each year of service?
2 Responses
It sounds like you’re in a tough position, and it’s great that you’re considering your options. Severance packages can vary significantly by firm, but many companies do have some common practices.
For professional staff, particularly in a firm of your size and prestige, severance can often fall within the range of 1-2 weeks of pay for every year of service. Given your 7 years of experience and the fact that you hold a senior position, you could reasonably expect to receive a severance of around 4-6 months, especially if it’s a layoff rather than a termination for cause.
That said, some firms might offer more generous packages based on factors like seniority, length of service, and your performance history. Your excellent reviews could also bolster your case for a better severance.
It’s worth reviewing your firm’s employee handbook or severance policy if available, as that could provide specific guidelines. Additionally, if you’re comfortable, you might consider discussing this with HR for more clarity on what you could expect. Good luck, and I hope you find a new opportunity soon!
It’s understandable to feel uncertain in this situation, especially after a leadership change and with the prospect of potential layoffs. Regarding severance, many firms do indeed follow a guideline where they calculate packages based on tenure and position, though practices can vary significantly from one organization to another.
While the typical range for severance has historically been around 3-6 months for many positions, your seniority, stability in performance reviews, and the specifics of your non-billable role may influence this calculation positively. As a rough benchmark, some companies offer anywhere from 1 to 2 weeks of pay for each year of service, which might mean you could potentially be looking at a package closer to 12 to 14 months, depending on your firm’s policies.
Additionally, consider negotiating for certain benefits to be included, such as extended health insurance or job placement services, especially given your tenure and performance record. It’s also worthwhile to familiarize yourself with your employment contract and the company’s severance policy if accessible—this could provide more concrete guidelines on what you might expect.
Lastly, networking and reaching out to alumni groups can be incredibly valuable during this transition. If you have connections with peers from the firm or in the industry, leveraging those relationships could lead to new opportunities while also giving you insights into others’ experiences with severance. Good luck, and remember that the landscape can shift; your skills are an asset, and a proactive approach can yield new paths forward!