Employment contracts, service agreements and LLP agreements

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Chambers UK
Employment Law for Individuals

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Although it should be obvious, many people fail to prepare thoroughly for any potential negotiations about their new employment contract. Just as you’ve prepared for the interview, you would be well advised to undertake some research in advance of negotiations on the offer once it arrives.

There are a number of strategies and tactics you can use to help you negotiate more favourable, financial and non-financial, contractual terms with a future employer. Contract negotiation is a balancing act, but you are in a much stronger position when entering new employment than you are when leaving. We know how to handle sensitive negotiations, providing you with guidance and tactics that ensure the conversation is positive and results in a win/win for the parties.

While senior executives often focus on remuneration and incentive arrangements, you need to consider not only the terms that have an immediate effect but also those that will become important if there is a dispute or you are leaving  - whether by your choice or not. There is far more to employment contract terms than the remuneration clauses, some of the seemingly less important clauses may have significant implications either during or at the end of the working relationship. This is where our employment team can help. We can spot where employer protection clauses such as post-termination restrictive covenant clauses are likely to cause issues down the line.

As a director, you will have certain additional fiduciary duties and obligations to your company or LLP. It is vital that you understand your obligations before signing the agreement. Our lawyers will go through the terms with you to ensure that you are clear about what you are signing up to.

While no two employment contracts are the same, our lawyers have extensive expertise derived from advising CEOs, managing directors and board members from FTSE 100 and 250 companies and other blue-chip corporations. Our clients come from a wide range of sectors such as banking and financial services, technology, telecoms, media and the legal, accountancy and medical professions. Our employment team at Penningtons Manches Cooper is familiar with industry-specific terms and conditions and can ensure your contract complies with market norms for your industry.

We offer expert advice on:

  • understanding the meaning and implication of your employment contract terms
  • reporting on findings and recommended revisions for contract, including LLP, terms
  • executive compensation and equity negotiations
  • win/win negotiation tactics

Recent work highlights

Advice on regulatory and fiduciary duties

Advising a senior executive in the financial services sector on their regulatory and fiduciary duties.

Smooth transition for accountancy partner

Acting for a partner of a Big Four accountancy practice in relation to deferred remuneration and confidentiality as he moved companies and securing indemnities as needed from the new employer.

Negotiation to boost a managing partner’s bonus

Providing guidance for a managing partner on unfavourable bonus terms and the best tactics for amicable negotiation. This was followed by a proposal for a rewording of the employment contract.

Related expertise

Penningtons Manches Cooper LLP

Penningtons Manches Cooper LLP is a limited liability partnership registered in England and Wales with registered number OC311575 and is authorised and regulated by the Solicitors Regulation Authority under number 419867.

Penningtons Manches Cooper LLP