March 22 – London – significant package

Client was approached by her manager on a without prejudice basis to exit the business after 5 years. The client was on a significant package. Sarah provided advice throughout the negotiation process with the Group CEO advising on package and how to handle the negotiations direct including how to pitch the offers and timing of the exit.

We then had a draft settlement agreement which was conditional only on a sale of the business otherwise the offer would lapse. This did not give the client any protection or guarantees as to whether she would get the sums stated or even exit the business. We were able to negotiate an exit without such conditions on a non-conditional basis as a standard settlement agreement not conditional on a business sale.

There was however a need to reaffirm the agreement due to the passage of time on garden leave. As a result, we were able to negotiate a significant increase on the initial offer and removal of the conditions as well as additional items like announcement, reference etc which had no financial benefit. Initial offer was £286k and concluded at over 70% more at £496k.