In a turbulent economy, such as the one we currently find ourselves in, it may be necessary for your firm to make redundancies.
Where this is a possibility, it is essential to seek early advice from a specialist employment lawyer in order to ensure procedures are followed correctly and to protect you and your firm’s interests.
A specialist employment lawyer can advise you on the most suitable options, including the possibility of using a settlement agreement.
A settlement agreement is most commonly used at the end of a period of employment, particularly in instances where redundancies may be required. Prior to starting a formal redundancy consultation, it may be possible, and more appropriate for your firm to conduct “pre-termination negotiations” in order to seek early agreement on the terms of an employee’s departure. This would, subject to following the correct procedures, bypass the requirement for formal redundancy procedures, which can be time intensive. A Settlement Agreement can therefore be a quick and effective way to terminate employment between employee and employer and provide favourable terms for both parties.
Once an employee has accepted an offer under the terms of the pre-termination negotiation, they will be required to sign the Settlement Agreement, which formally acknowledges their termination of employment and that the employee is waiving the right to bring any future employment related claims. This therefore provides your firm with the comfort that the document is binding and that the termination is fully complete.
Given the potential ramifications of an incorrect or incomplete Settlement Agreement, it is essential that employers seek the advice of an experienced employment solicitor at the outset.
Holmes & Hills settlement agreement lawyers can assist employers by:
Holmes and Hills Solicitors have extensive experience in drafting and compiling Settlement Agreements for businesses operating across all sectors. Our expert employment solicitors understand the importance of tailoring our advice to your unique circumstances in the quickest possible timescales.
Similarly, our team of employment lawyers appreciate as an individual employee it can be a daunting time and protecting your interests is vital. We are able to review a proposed Settlement Agreement and are adept at negotiating to ensure it fully reflects your value as an employment.