Does anybody know anything about compromise agreements? I may be entering into one with my employers and have no idea what to expect (financially). I understand what they are and where they are used, but just have no idea what I should push for in terms of a payment.
What % of salary is normally paid? I will seek some legal advice if it comes to it, but just trying to work out whether to agree to it or not at the moment and am not sure what they are likely to offer as a starting point, or what I should ask for.
There's no 'normally' really. It entirely depends on the circumstances. When making an offer your employer will consider the following:
-What legal case if any you may have against them -How likely they think you would be to win -How much your compensation would be if you did -How likely they think you are to actually want to pursue the case -How much you pursuing it would cost them
Can you elaborate a bit more on the reasons for the comp agreement? I've done a couple recently for very very little compensation if any, so it's not necessarily about big bucks. In both cases it was clear the employment was ending anyway and it was about doing so in a slightly nicer way rather about thinking there was a big legal claim coming.
I agree with flowery, there is no standard sum. If you have potential claims against the company that will give you a much stronger bargaining position. Your company may also offer you a nominal amount to assist in your legal representation too.
Your company is supposed to ensure you have an independent solicitor review any compromise agreement before you sign it and they are supposed to pay for the cost of this as well. In my case, the legal fee for review was £300.
As flowery said, it's all individually dependent on circumstances. Just remember that you don't have to just accept all the terms and conditions as given. The whole point of a compromise agreement is exactly that - a compromise - so you have to agree it together, amicably if possible.