If you are currently in a position where you have been offered a settlement agreement by your employer, two questions you may be asking yourself are “why do I need legal advice?” and “how is this process paid for?”
We see these questions come up a lot in our line of work, and so to help you, we’ve put together the below blog to answer these questions and explain some of the processes surrounding settlement agreements.
Why do you need a solicitor for a settlement agreement?
It is a legal requirement to seek legal advice when navigating a settlement agreement – without it, your settlement agreement will not be valid.
Since a settlement agreement is a legally binding contract between you and your employer, removing your ability to bring a claim forward against your employer, you must seek professional legal advice.
Other than being a legal requirement, having support from settlement agreement solicitors an reduce the stress from what is already a difficult situation for you, ensuring that a beneficial agreement can be met.
Here are the top three reasons why you need legal advice for a settlement agreement:
The agreement is not legally binding unless legal advice is present
Laws are in place to protect employees from signing away their rights without fully understanding it first, and without the presence of a legal advisor, your settlement agreement will not be legally binding as you may not fully understand the employment related claims and terms otherwise.
Settlement agreement solicitors can help you to achieve the best outcome
When an employer presents an employee with a settlement agreement, there may be many different terms and offers given to you. A settlement agreement solicitor can work with you to determine your settlement figure, taking into consideration your annual salary and monthly take-home pay, your notice period and the circumstances leading to the termination of employment.
Avoid unnecessary taxations
Settlement agreements may be the best way to get the money you are owed from your employer, but in some cases, you may not be receiving this figure in the most tax efficient manner.
Are employers legally required to pay for settlement agreements?
Your employer will usually be responsible for paying for the fees associated with the legal advice as part of the settlement agreement.
As mentioned above, a settlement agreement is beneficial for your employer, as it will stop you from being able to bring a claim against them, so they will pay for you to get the necessary legal advice you require.
What are the typical settlement agreement costs?
Usually, our team of settlement agreement solicitors can work within the fixed fee provided in your settlement agreement, ensuring you do not incur any additional charges, this will be confirmed once we have had the initial call.
How Smith Partnership can help with settlement agreements
Should you still have further questions surrounding how to get a settlement agreement, you can get in touch with our dedicated team of settlement agreement solicitors, who, with their years of experience, can guide you through the process with honest advice.
We offer an 8am to 8pm contact service, Monday to Friday, which many other legal practices and solicitors do not offer – we understand the importance of providing accessible points of contact, which is why we are available via phone, email, or through our contact form at your time of need and can provide advice within 24 hours and due to the remote facilities, this can be done on a national basis.