Yes. We regularly help clients with settlement agreements.
The likely costs rely on a number of factors:-
1. Your employer will usually contribute to your legal fees in receiving advice on the settlement agreement and any claims that you will be waiving if you agree to it. As you are our client, you will bear the responsibility for paying those fees if your employer defaults in making payment, but we will try to compel your employer to make payment before asking you to pay those fees (we have yet to find an employer that has not paid the fees).
2. If you would like us to represent you in negotiating amendments to the settlement agreement with your employer, this will not be covered by the contribution that your employer is making towards your legal fees. You may wish to negotiate with your employer directly with us advising you in the background or you may wish us to perform those negotiations on your behalf; either way, additional legal fees with become payable. There are two approaches that we often provide to clients for paying for our assistance in this regard:-
a) Our Employment Law Solicitor, Richard Hiron charges £200 plus VAT per hour for additional work;
b) We could agree that, if you would like the Termination Payment in your settlement agreement to be increased, we charge you 10% plus VAT of the difference in the increase (i.e. if the original Termination Payment is £10,000 and we negotiate it to be increased to £17,000, then we would charge £700 plus VAT) for the additional work. Naturally, if there is no increase, then you will not be required to pay additional fees;
c) If you do not want the Termination Payment to be increased, but you do wish to have other elements of the settlement agreement amended, then we can explore a fixed fee service with you.
Most of our clients tend to prefer options (b) and (c) above as they tend to be more cost-effective for them.
Our Employment Solicitor, Richard Hiron has also prepared guidance on the settlement agreement process (https://www.tplegal-ltd.com/og-content/uploads/1603105089Settlement%20Agreement%20FAQs.pdf ) which should help to answer other questions that you might have.
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