City law firm redundancies

[DeepGoose]

Hello, can any lawyers share details of what a typical enhanced redundancy package would look like please. It is usually:

A x weekly base x number of years worked.

I want to understand what value the A is, for example is 2.5 good or would 3.5 be more usual?

My firm is offering 2.3 but they are doing it on the hush and so I have no way of knowing whether it’s a good package or not. 2.3 feels low for a city law firm.

Should I try to negotiate it?

thanks v much

Yes that's good tbh. 2 x actual weekly salary x no of years is decent for many City firms (and FS companies) these days so is more than that - years ago banks were paying out a month per year but that is long gone. 2.3 is an odd number though?

Hi Cherry
thanks you that’s helpful. It difficult to know what so reasonable because no one takes about these things.

I believe they offered 3.5 back in 2009, but as you say those days may have passed. I haven’t questioned the 2.3 figure yet but perhaps next step is to ask how they have come up with that.