Concluding a Settlement Agreement
What If I’m Happy With My Settlement Agreement Amount?
You may already have been offered a settlement agreement which has been the culmination of a lengthy process between you and your employer and has resulted in an offer of settlement that is acceptable to both sides.
TOP 3 TIPS
- You are required to obtain legal advice for the agreement to be binding
- Even if you are happy with the offer the agreement can still be changed to your benefit
- Seek an experience lawyer to ensure you get the best out of your agreement
It’s a legal requirement for you, as an employee, to receive independent legal advice from a qualified lawyer when you enter into the terms of a settlement agreement. Most people faced with this scenario seek out a firm of lawyers who offer a settlement agreement ‘sign-only’ specialist service. Under the terms of such a service, the lawyer advises on the terms of the settlement agreement, the effects of those terms on your future plans and on whether the level of compensation is the best deal for you in your particular circumstances.
Who is a ‘sign-only’ service for?
This service is suitable for you if you are satisfied with your overall settlement offer and just want advice on the terms of the agreement. Having said that, some redrafting of the agreement will usually be required so that you get maximum benefit from the terms.
Even though the terms of the financial settlement have been agreed, it’s still a stressful experience for you if you are an employee facing termination of their employment. It’s essential therefore that the lawyer you choose to review your settlement agreement is suitable and experienced.
Many firms pass over the signing of settlement agreements to junior lawyers who are inexperienced in employment law and in giving advice to employees on settlement agreements (this is not the case at Monaco Solicitors). You should avoid this kind of set-up and check out the employment law experience and reputation of the firm you will be dealing with and also the experience of the person to be assigned to your case, before you ask them to act on your behalf.
Why you need advice from a specialist in employment law…
The fact that you have been offered a settlement agreement does not mean you are out of the woods yet. The terms of a settlement agreement can be so onerous that the original deal is seen in a different light when advice is taken, or it may contain terms which restrict you so much when you have left your job, that it will effectively ruin your future career.
This is when it’s essential to take proper legal advice on the contractual terms of the agreement from a lawyer who has had many years of experience in dealing with not only the terms of the agreement themselves, but also the consequences of those terms in court.
Specialist expertise and experience are particularly important in advising on the consequences of restrictive covenants and confidentiality clauses. What’s more, in almost all cases that make it to court, the cost, stress and disruption could have been avoided had the employee taken proper legal advice on their contract and/or settlement agreement in the first instance.
Finally, time is often of the essence in ‘sign-only’ situations, and you may be seeking to obtain advice and a settlement agreement certificate in a matter of hours, rather than days or weeks. So do check out the turn-around time of the lawyer you choose to sign off your settlement agreement which not only needs to be dealt with quickly, but also efficiently and turned around in the shortest time possible.above all, with your best interests in mind.
Collective or multiple redundancies
Unfortunately, changes in business circumstances sometimes dictate that an employer will need to make multiple redundancies in order ensure its survival or competitiveness. This inevitably leads to the employer offering a large group of employees similar settlement agreements. This is another area where we are able to help.
We are able to send a lawyer or even a team of lawyers to an employer’s workplace or a neutral venue to advise large groups of employees on the effects of their terms of settlement. Our experience enables us to work quickly and efficiently while also ensuring that the employees affected are given a top-quality legal service. We are able to agree special rates with employers for multiple settlement agreements.
If you think that either yours, or a number of redundancies have been made unfairly, we can also help as we are experts in all areas of employment law.
If you think that we could help you by reviewing and signing your settlement agreement do not hesitate to get in touch by filling in our online contact form – this will only take 2 minutes to fill out and will help us to understand your specific situation.
You could also use our settlement calculator to find out a settlement figure that you could potentially achieve. If what you’ve been offered is significantly less than this then get in touch with our team today.
For straight-forward cases we can provide a 24 hour turnaround for sign only settlement agreements, and don’t forget that it is not the employee that pays our fee for this, but the employer. View a video of senior partner Alex Monaco talking through our fees