With the near-collapse of Wall Street recently, many Americans fear not only that they will lose their retirement savings, but also fear that they may lose their jobs.
This financial crisis could lead to increased employment law litigation. Many employees have been laid off in recent weeks as companies in a variety of industries feel financial pressures, and, unfortunately, more layoffs may be expected. Financial concerns may lead employers to offer small severance packages to former employees. Some former employees who are concerned about the likelihood of finding new employment may then seek more money from their former employers by pursuing employment-related claims. Additionally, high level executives working under employment contracts may face problems as well. Companies that have filed for bankruptcy or companies that are involved in corporate take-overs may be unable to satisfy severance pay terms in existing employment contracts. This could also lead to litigation.
Dallas employment lawyer Keith Clouse advises workers who face potential layoffs to consider the steps outlined in his article “Preparing for a Potential Layoff.” He likewise suggests that employers evaluate their financial situations and then create multi-step plans to be implemented as needed.
To speak with an employment law attorney regarding how the current economic conditions in the United States may impact you, contact the employment law attorneys at Clouse Dunn Khoshbin LLP at [email protected]