Settlement Agreements – Some Practical Advice

Don’t worry, see the event as a fresh start

I appreciate that losing a job is a stressful time, but with a settlement agreement remember you leave your employment on no worse than neutral terms and with the financial settlement, the injection of money could be attractive.

Seek advice from a solicitor as soon as possible

You should have been told by your employer that you need to seek the advice of a solicitor and that they will pay for it (find out how much this sum is as soon as you can).

Contact a solicitor as soon as possible to explain the situation to see whether your agreement seems acceptable. As you leave the company you want to ensure that you exit with the best terms possible. The first thing I do is see whether the financial settlement is better than the law says an employee is entitled to – if an employer wants you to sign away your rights to raise an employment claim then they should be willing to pay extra for the security.

Don’t try to negotiate yourself

By law if you start the negotiation then your employer can take this as a sign that you have rejected their offer – this can be dangerous in some situations, you really need to get your solicitor deal with negotiations on your behalf.

Speak to your personnel department

Some larger businesses may have resources available to outgoing staff to help them with finding new work. Some may have an agreement with third party employment consultancies that specialise in helping employees with finding work. This alone can be worth an additional £200 to £300 per month if you were to retain these services privately.

Don’t sit and wait

Whatever financial settlement you end up with it may not last you as long as you think, so it’s worth looking for a role job as soon as possible, try sites like totaljobs, monster and indeed to see what roles are available to you.

Good Luck

With me by your side you do not need to go through this process on your own, I will be there with advice and assistance to help you get through this difficult time with the least amount of stress possible.

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