|It is likely that many people will require legal advice and representation at some stage of their careers, and this is even more true for those in a position of seniority. If you are a senior executive or company director, our specialists at KLG can advise you on all aspects of your employment relationship. Whether you are negotiating terms before the commencement of your employment or in need of pragmatic solutions to any employment problem, our employment law experts can help you.
There are many employment law issues that relate specifically to senior executives such as bonuses, restrictive covenants, whistleblowing, notice periods and stock or share options. At KLG, we can provide bespoke legal advice in all of these areas. It is crucial to preserve your reputation when leaving your place of employment while still ensuring that any equity or share options are properly protected. When you are ready to move on, we can make sure you leave on the best possible terms.
Our Employment Law Services
Our employment law services for Senior Executives and Directors include the following:
· Reviewing your employment contract and negotiating new terms
· Directors’ service agreements
· Bonus schemes, remuneration packages and tax implications
· Legal and fiduciary duties of senior executives and tax implications
· Bonus payment disputes
· Dispute resolution and legal representation before employment tribunals or courts
· Workplace disputes or grievances
· Severance packages and settlement agreements
· Restrictive covenants and post-termination restrictions
· Negotiating departure terms and advising on the impact
The need for advice can happen at any time during the employment cycle; from recruitment, during employment, while exiting and, occasionally, where there are post-termination restrictions (restrictive covenants) after your employment has ceased. Our team have the experience to deal with organisations through negotiation or legal proceedings, if necessary. Here at KLG, we can position you in the best way to obtain the right settlement.
If you exit your role as a senior executive or director (for example, if you move to a new position or decide to retire), you will more than likely make use of a settlement agreement (formally known as a ‘compromise agreement’).
A settlement agreement is a binding agreement between employer and employee. Once signed, the executive is no longer entitled to bring a legal claim against the employer concerning their employment status. As it involves giving up valuable rights, a settlement agreement is only valid if the individual has received independent legal advice. Contact KLG employment law specialists at the earliest opportunity for more information on how we can assist you.
What should be included in a Settlement Agreement for Senior Executives and Directors?
Settlement agreements for senior executives and directors can vary from other forms of settlement agreements because of the additional factors that need to be negotiated and agreed with the employer. These extra considerations mean that it is vital the terms, negotiations and agreements are as clear as possible to ensure there are no harmful repercussions.
The agreement will cover compensation for loss of office and a payment in lieu of notice. Tax and national insurance apply for salary and benefits, but a tax-free element applies for compensation. Other areas covered are pensions, benefits, and share options. It is essential to check the scheme rules to see what entitlements apply on termination of your employment contract.
Some agreements for senior executives make provision for a period of garden leave. This is because of the importance of senior employees in a company and their access to confidential information. The employee may receive the benefits as if at work, but there may be restrictions on access to an employer’s premises and contact with former colleagues.
Often the agreement requires observance of some terms of the employment contract, usually relating to restrictive covenants and keeping confidential information confidential. The fact and conditions of the agreement are expected to be kept secret. The agreement will usually make provision for the payment of legal expenses.
When negotiating an exit agreement, it is vital that you choose a professional who will guide you through the entire negotiation process and secure the best outcome. Here at KLG, we pride ourselves on our success rate, with one of our specialists Anita Kalra having successfully negotiated a number of exit agreements in 2018 for well-established executives in London. Our employment lawyers are available seven days a week to provide you with legal advice and representation whenever you need.
Employment Law Advice for Senior Executives and Directors London, Reading, Slough, Watford & Maidenhead
At KLG, our team of advisers are highly experienced in assisting senior executives in all aspects of employment law. Please contact our solicitors if you have any concerns regarding your position. We will identify and summarise the legal position and offer our commercial expertise and advice to resolve any employment law matters with a view to delivering results in line with your commercial and personal objectives.
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