When your employer offers you a settlement agreement, the decision whether to sign it can be quite intimidating. Signing a settlement agreement means that you waive your right to pursue a claim against your employer. Here at Partners Employment Lawyers we regularly advise clients (Employers and Employees) on settlement agreements including how much they should receive in return for waiving their right to bring a claim.
There are many factors that can determine whether you have received a “good deal” or not, and this will depend on each individual case. You should consider the loss you will suffer by potentially being out of work for several months and also how long it will take you to find another job. People tend to underestimate the amount of time it takes for them to find a job, therefore it is worth considering whether your sector is experiencing a difficult time or not. The employer will usually have to contribute to the legal advice you require on the settlement. The reason for this is because a settlement agreement will only be valid if the employee receives independent legal advice.
There is of course room for negotiation if you feel like you have a potential claim against your employer and if you feel like your settlement agreement does not reflect this. If you do not succeed in reaching an agreement, you still have the option of taking the case to court or tribunal. However, you will have to consider the merits of your case and whether it would be worth your time and money to pursue. In the majority of cases, many people are happy with the agreement they receive.
If you have received a settlement and would like to discuss this with a legal expert, contact us today.
Our Employment Lawyers are based in London and work with executives and other senior employees throughout England. If you wish to negotiate a departure with your employer, our Employment Solicitors will ensure the agreement is in your best interests and that your rights are protected. To discuss your circumstances with our highly approachable and professional team, call 0207 374 6546 now or contact us online.
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Partners Employment Lawyers is not a firm of solicitors. Members of Partners Employment Lawyers are consultants at Excello Law Limited and legal services are provided by Excello Law Limited which is authorised and regulated by the Solicitors Regulation Authority under SRA number 652733.