Toddi Gunter writes about this is the July 7, 2009 WSJ.
You get laid off, but are offered a chance to make money, sans benefits, working for the same company.
First, ask yourself—if you want a permanent job, will this take away from the time to find one?
Are you so irritated or bitter over being dumped that you could not work with these people?
Will this affect your severance—or replace it? See if this will affect any possible unemployment bennies. If you do this, do you give up the right to unemployment if the contract ends.
Consider getting an employment lawyer to thrash out the terms. Nail down who is doing what, what the deliverables are and when they are due. How much will they pay? Add 30-40% to your old salary and divide by 100 to get a day rate.
Remember, your relationship to your old colleagues will change. They may not be getting raises, but you are seemingly making more than before.
If the company asks you to do more than agreed upon, go along, but only to a point. If this continues, you will have to “reassess.”
Hey, it’s money. See what you think.