If you have agreed to part ways with your employer, you may have been offered an employment exit package or settlement agreement. This usually includes a lump sum payment made to you in return for leaving and agreeing not to take certain types of legal action against your employer.
An employment exit package will contain a wide range of terms and conditions and it is crucial to have expert legal advice before signing, as you will generally be waiving some of your rights.
At Toner Legal, our expert employment lawyers can advise you of the implications of an exit agreement and ensure that it is in your best interests. We are strong negotiators and, where necessary, can engage with your employer or their solicitor to secure you the best possible deal. Further, if you are unhappy at work and/or think you have been treated unlawfully, we can give you advice on your situation and then seek to negotiate an exit on your behalf. Our aim is to ensure you leave on the best terms possible giving you financial security so you can focus on looking for alternative employment.
Our employment exit package services include:
- Advice on your situation (we “diagnose before we prescribe”)
- Advice on whether to accept or if we can obtain an exit package
- Discussing with you what you want to achieve from an exit package
- Negotiating the terms of an exit package
Why have I been offered an employment exit package?
Employment exit packages, also referred to as settlement agreements, may be offered by employers for different reasons, including:
- You have a legal claim which your employer wants to settle
- Your employer wants to make redundancies and you are prepared to take voluntary redundancy
- Your employer feels that it would be preferable for you to leave, for example, if they are not happy with your performance or there are personality clashes with other employees
If you are happy to consider moving on, then an employment exit package can give you the chance to do so without undue delay and with a payment by way of compensation. It can be an attractive option if you no longer feel that you can trust your employer, if you do not feel you have been treated fairly or if you have a grievance.
If you will be waiving your right to bring a legal claim against your employer, it is crucial that you are adequately compensated for this. Speaking to experienced employment exit package solicitors will ensure that you are properly advised and represented.
Advice on whether to accept an exit package
If you have a potential claim against your employer or you are considering voluntary redundancy, an exit package is a way of ensuring that you are fairly compensated for leaving. It is also generally quicker than other options, such as making a legal claim at an employment tribunal or going through the redundancy process.
We can advise you of your rights in respect of any claims you may have as well as in respect of your employment contract. We will give you an honest appraisal of the strength of your claim and discuss this in light of the package you have been offered.
Discussing with you what you want to achieve
We will go through what you want from your exit package with you. Issues generally covered include:
- How much you will be paid, including pay you are entitled to under your employment contract, holiday pay, pay in lieu of notice, bonuses and commission and the lump sum you will receive for leaving
- How pension provision will be dealt with
- How shares will be transferred, if necessary
- How company property will be dealt with, such as a mobile phone, laptop or car
- What announcements will be made about your exit
- When your employment comes to an end
- Whether you will work up until your leaving date, take garden leave, or receive a payment in lieu of notice
- What reference your employer will provide to your future potential employers
Negotiating the terms of an exit package
We are expert negotiators and have a strong track record of success in securing substantial exit packages for our clients. We will work with you to identify your key requirements and negotiate robustly on your behalf to obtain these, along with a fair exit payment.
We will start by ensuring that your employer has included everything to which you are entitled under your employment contract and employment legislation. We can then negotiate the lump sum on your behalf. This should reflect the strength of any legal claims you may be waiving by signing the agreement.
We will also ensure that your reputation is protected as far as possible, for example, by agreeing on any statements to be made on your exit and the contents of future references.
Legal advice on taking an exit package
It is a legal requirement that you take independent advice before signing a settlement agreement.
Speaking to expert employment exit lawyers means that you will secure the best possible deal and have comprehensive advice on the implications of signing.
Contact our expert employment lawyers
If you have been offered an employment exit package, we can advise you of your rights and negotiate the terms on your behalf.