If you have been asked by your employer to sign a compromise agreement what do you need to do? If you have recently discovered that you are losing your job you will have a large number of questions going through your mind. What are you going to do for a living now and will you be able to obtain a new job in the current economic climate? However, before you can even consider these points you must ensure that the Compromise Agreement you are being asked to sign by your employer is fair and reasonable for you.
Why Do You Need A Compromise Agreement?
The first point to consider is why you need a Compromise Agreement at all. The main reason for you is that you must obtain independent legal advice from a solicitor to ensure that the settlement you are being offered is a fair and reasonable one. Once you sign a Compromise Agreement you cannot later return to ask for more compensation if you feel that you have not received the correct amount.
The other reason that you need to obtain independent legal advice is that your employer might use the Compromise Agreement to attempt to restrict your ability to work for a competitor. This could seriously limit your opportunity to find new work.
How Do You Find A Compromise Agreement Solicitor?
Once your employer has presented you with a Compromise Agreement you will need to find a solicitor that can provide you with the independent advice you need. You can find your solicitor by asking for recommendations from friends or colleagues that have been through this process before, or carry out a search locally on the internet or call into your local solicitors office.
You should ask the solicitor whether they have experience of reviewing and advising upon Compromise Agreements and also ask them to confirm how much their fee will be. The good news for you here is that your employer will meet the fees of your solicitor up to a reasonable amount. The amount is specified within the Compromise Agreement and you should ensure that the solicitor you choose to advise you agrees to limit their fees to the stated amount. If they will not you can contact another solicitor to help you.
Do You Need To Meet The Solicitor Face To Face?
A face to face meeting is not normally necessary but it will depend on your individual circumstances. Once you have found a solicitor that seems to have the required experience for Compromise Agreements you should contact them, explain your needs and then ask if you need to meet with them.
The Advice You Will Receive. Whether you meet face to face with your solicitor or send them all of your paperwork through the post, they will review all aspects of your employment including the number of years that you have been employed by your current employer, your salary, job title, and the reason for the termination (to ensure that it is reasonable). At the conclusion of the review your solicitor will advise you whether the settlement offered is a fair and reasonable one. If it is he will sign the Compromise Agreement confirming that he has provided you with advice and return this to you.
How Is The Settlement Paid? Once your solicitor has signed the Compromise Agreement he will return this to you, along with his invoice for his advice (at the amount agreed in the Compromise Agreement). You will then take the Compromise Agreement back to your employer with the invoice from your solicitor. Your employer will then arrange to pay you the agreed amount (usually within 14 days) and will also settle your solicitor's invoice directly with them. You can then look for a new position or enjoy some time off.
Disclaimer: All information on this site is provided for informational purposes only! By no means is any
information presented herein intended to substitute for the advice provided to you by any health care or other professional
or organization.
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