How Much Do Solicitors Charge for Settlement Agreements

Settlement agreements, also known as compromise agreements, are a legally binding contract between an employer and employee, that usually results in the employee agreeing to resign and waive their right to bring legal claims against their employer in exchange for a financial settlement. The amount that a solicitor charges for the drafting and negotiation of a settlement agreement can vary based on a variety of factors.

The fee charged by a solicitor for a settlement agreement can depend on the complexity of the agreement, the amount of negotiation required, the level of seniority of the employee involved, and the geographical location of the solicitor.

In general, the fee for the drafting and negotiation of a settlement agreement by a solicitor can range from £500 to £1,500. However, this is just a rough estimate and the actual cost of a solicitor’s services can vary widely depending on these factors.

Another factor that can impact the cost of a solicitor’s services is the hourly rate that they charge. Typically, solicitors charge hourly rates that range from £150 to £300, although some may charge more. The overall cost of a solicitor’s services will depend on the amount of time they spend on the case.

In addition to the solicitor’s fees, it is also important to be aware of any additional costs that may be incurred during the process. For example, there may be additional fees for the cost of a barrister or for the payment of any necessary court fees.

It is important to note that many employers will often agree to cover the cost of an employee’s legal fees when negotiating a settlement agreement. This means that, in many cases, the employee will not need to pay for the services of a solicitor out of their own pocket.

In conclusion, the cost of a solicitor’s services for the drafting and negotiation of a settlement agreement can vary widely depending on a variety of factors. It is important to find a solicitor experienced in employment law, who can provide a detailed breakdown of their fees and the additional costs that may be incurred during the process. With the right solicitor, an employee can be sure that the financial settlement they receive in exchange for their legal claims is fair, just and legally binding.