Can I buy a compromise agreement on the Internet?
There are plenty of websites offering standard form compromise agreements - unfortunately each dismissal is not standard. London Compromise Agreements does not offer a standard form agreement as we believe we can add value and reduce your potential liability and costs by offering advice.
A compromise agreement is fundamentally a damage limitation exercise. An experienced employment solicitor will help you understand any potential liability, calculate an acceptable financial package and draft the agreement accordingly. Each compromise agreement should be tailored to the individual needs of the departing employee and employer, so that agreement can be easily reached. A carefully drafted compromise agreement can also protect your specific business interests.
For a compromise agreement to be legally binding, the employee must be advised by their own independent legal adviser. Clearly, if the compromise agreement is inadequate or poorly drafted there is a risk of the employee being further alienated. The legal adviser may also insist that the fixed fee be greatly increased to take into account the increased work to agree on a redraft. Consequently costs will escalate and the process will take up much more time than was initially necessary. You should also consider the risk that the employee will chose the alternative route of litigation.
For practical, tailor-made advice please call Andre Pungerl or Ruth Neil both specialist employment partners at Stone Joseph on 0207 8549098.