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A Settlement Agreement (previously known as a ‘Compromise Agreement’) is a legally binding Agreement between employer and employee which prevents you from initiating legal proceedings against your employer in exchange for compensation.
For settlement agreements to be valid, you will need to seek independent legal advice. You may be satisfied with the offer of a settlement agreement, it is however imperative for you to seek legal advice before signing.
Settlement agreements are a good way for employers and employees to achieve a clean break, ensuring that both parties are departing on the terms of the agreement, outside of a Legal Tribunal which can sometimes be costly, lengthy and stressful.
Once signed, a settlement agreement prevents you from taking your employer to the Employment Tribunal. However, you don't have to agree to the settlement agreement and you have the right to negotiate the terms stipulated in it.
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Oakwood Solicitors Ltd has a dedicated team of leading Employment law solicitors and support staff, helping clients nationwide.
We are able to offer expert advice on all potential claims you may have against your employer, in both Employment Tribunals and the Civil Courts. We work to maximise your damages whilst keeping all costs to a minimum.
What is a settlement agreement?
A settlement agreement (also known as a ‘Compromise Agreement’ or ‘Package’) is a legally binding agreement between you and your employer which prevents you from pursuing employment tribunal claims or initiate other legal proceedings against your employer.
Often a Settlement Agreement will involve a financial offer from your employer to yourself with a view to terminate your employment.
How much will I have to pay?
Initial consultations are free of charge with Oakwood Solicitors, and if you sign the agreement you will receive a contribution towards your legal fees from your Employer.
This sum will be detailed in the agreement. If we were to proceed in representing you then a fixed initial fee would be agreed. More often than not, further costs are recovered from your employer as part of the settlement terms.
I have been offered a settlement agreement. What are my next steps?
If you have been offered a Settlement Agreement you may have already been advised that you need to seek legal advice in relation to the Agreement in order for it to be considered legally binding.
Employers will usually offer a contribution towards the legal fees that you will incur in seeking legal advice in relation to your Agreement.
Oakwood Solicitors have plenty of experience in dealing with Settlement Agreements and can advise you on the range of questions that you may have in relation to the process of signing the Agreement.
Please contact Oakwood Solicitors Ltd to speak to our team of experts in relation to your agreement.
I have been offered a settlement agreement but I do not want to accept it. What can I do?
Sometimes, settlement agreements can be offered to you when you least expect it. You may feel shocked or upset that you have been offered a settlement agreement to terminate your employment.
Often there is more to the story in relation to why you have been offered a settlement agreement.
Oakwood Solicitors will work with you closely so that you fully understand the settlement agreement. We also like to understand a little about your personal circumstances so that we can ensure that the Settlement Agreement is right for you.
This means that Oakwood Solicitors Ltd will often negotiate with your employer (or your employer’s solicitor) on your behalf to ensure you get the compensation you deserve.
Why not speak to our team of experts to see if there is an alternative solution to you signing your settlement agreement?
I am happy to sign a settlement agreement but I think I should receive more financial compensation. What can I do?
You and your employer may have a mutual agreement in relation to you terminating your employment however, you may not mutually agree on the financial offer that has been put forward in order for you to do so.
Our service aims are to ensure that you are happy with the Agreement and can move on with your career. Contact Oakwood Solicitors Ltd today to find out if you could be owed more or could negotiate for a higher settlement sum.
Why should I choose Oakwood Solicitors Ltd?
You will have a dedicated advisor who will see your claim through from start to finish, assisting you in the event of any queries or issues you may have. If it is preferable to you, we are able to assign a female advisor to carry out your claim.
Your case handler will also continue to provide regular updates until the conclusion of your claim, ensuring the process is as stress-free and effortless as possible.
If you believe or feel you have a claim, contact us for a free initial consultation regarding your options: