Negotiating the best exit terms
Have you been offered a settlement agreement or considering proposing a settlement agreement to your employer?
A settlement agreement (formerly known as a compromise agreement) is a written agreement, regulated by statute, between an employee and their current or former employer. By entering into a settlement agreement an employee waives their rights to bring certain claims against their employer in return for a sum of money.
Settlement agreements can be used in a variety of situations. These include as an alternative to disciplinary or capability proceedings, voluntary redundancy, changes to terms and conditions or when there is a breakdown in the employment relationship. They usually provide for the mutually agreed termination of the employee’s employment but this is not a requirement.
Why advice from a settlement agreement solicitor is mandatory
You will need independent legal advice from a solicitor or a barrister about the terms and effect of the document. This is because it cannot be legally binding without this advice.
Employment claims can be extremely valuable and therefore it is essential that you receive advise about the value of any claims you may have before you give up your right to pursue them.
Our employment lawyers will provide you with all the expert legal advice you need within a 24 hour turnaround. If you want a no-obligation, confidential conversation with someone in our team then;
One of our employment solicitors will call you as soon as possible. We understand this is a stressful time and will ensure that your situation is assessed as quickly as possible so that you can be advised of your options going forward.
The cost of advice and how this can be funded
Advice regarding a straightforward settlement agreement (which does not require any amendments) usually costs £350 plus VAT. Employers usually make a contribution towards the employee’s legal fees which covers all costs. However, if the contribution is not sufficient, our solicitors can often negotiate an increase in the fee contribution to ensure that all of your costs are covered by the employer.