Our Enhanced Service seeks to obtain improved terms to the Settlement Agreement offered to you. We will help you identify your key objectives and devise a strategy to pursue them.
Negotiating changes to a Settlement Agreement
The re-negotiation of a Settlement Agreement is likely to focus on certain key clauses:
- The timing of the termination.
- Whether the employee will work for all or part of the notice period.
- Whether the employee will receive an improved financial package.
- Whether the employee will receive any benefits following termination.
- Whether any property e.g. a mobile phone, laptop, personal computer or company vehicle will be transferred to the employee.
- Whether the employee will retain shares or share options.
- Whether the employee will receive out-placement counselling or other services post–termination.
- Whether the employee will be released from restrictive covenants or whether modified covenants will be introduced in the Settlement Agreement.
- Whether the employer will increase its contribution to the employee’s legal costs.
If revised terms of settlement are agreed, we will draft or approve the amended terms of the Settlement Agreement.
What factors might influence the outcome of the negotiations
A successful outcome to negotiations cannot be guaranteed. Different factors may influence the employer in responding to the employee’s negotiating position. These may include:
- Whether the termination is on an amicable or acrimonious basis.
- The strength of the employee’s claims and whether any of them are for uncapped compensation.
- Whether the employer might suffer reputational damage.
- The employer’s resources, including available finance, in-house HR and management time to deal with litigation.
Balanced against this, the employer will be looking at the factors which are likely to influence the employee in their negotiating strategy. These will include:
- Whether the employee is ready to move on.
- Whether the employee expects to be able to find another job quickly.
- Whether the employee has the financial resources to sustain protracted litigation, if necessary.
- Whether the employee is willing to stay put, if that is an option, and continue to work in a situation where they may not be wanted.
To discuss your options, please email info@gssettlementagreements.co.uk or contact the team on 020 8305 3544.