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Who will pay for the cost of the advice under the settlement agreement?
In almost all circumstances your (previous) employer will pay a contribution towards the cost of your legal fees for receiving advice from a solicitor on the terms of the settlement agreement. This legal fee contribution will normally be in the range of between £250 plus VAT and £750 plus VAT (with the average being approx. £500 plus VAT), although for more complex situations and/or senior exits the employer will quite often pay between £1,000 plus VAT and £3,000 plus VAT for the employee to receive the advice on their settlement agreement.
In most circumstances you, as the employee, will normally be able to get your fees covered for the advice in their entirety by the employer (particularly if you are being offered reasonable terms, the settlement agreement is well-drafted, and you are reasonably happy with what you’re being offered).
Redmans Limited is a company registered in England and Wales with registration number 05872980, VAT GB893856068, and registered office Parkshot House, 5 Kew Road, Richmond, TW9 2PR. Settlement Agreement Lawyer is a firm of solicitors authorized and regulated by the Solicitors Regulation Authority (SRA number: 468098).