Employment contract reviews
Your new contract of employment is important. Make sure it offers everything you expect it to before you sign on the dotted line. Our employment contract solicitors can tell you if it's fit to sign or needs to be revisited.
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Why do I need an employment contract review?
Employment contracts don't always do the job you expect them to. They sometimes contain clauses that are illegal or unenforceable, and frequently fail to reflect all of the benefits you agreed with your new employer at the final interview or benefits package negotiation.
That's why, particularly if your remuneration package includes financial variables such as profit share, bonuses and share options, you should make sure that any new contract you're asked to sign is reviewed by an experienced employment contract lawyer before you put pen to paper.
We're here to offer you advice on everything from changing the wording of your contract in order to make it legal and enforceable to helping you renegotiate terms that are more in line with your worth and expectations. Call our employment contract solicitors on or and we'll call you.
What sort of risks might a contract review reveal?
In many cases, especially if you're going to be filling a senior role in a reputable organisation, your employment contract can run to many pages that you may be inclined to dismiss as 'small print' or 'legalese' that can be left to trust. Unfortunately, when it comes to employment contracts, the devil is in the detail, and your employer will rely on every word of that 'legalese' in court should you ever come to a less than amicable parting of the ways.
The most notable example of this is in the matter of , some of which are known as 'non-competes.' These covenants are intended to prevent you from competing with your employer should you ever leave their business. Many experienced executives will largely ignore or discount these covenants, in the mistaken belief that they're unenforceable as a restraint of trade.
While this can be the case with certain clauses, should you break the terms of a restrictive covenant after leaving an employer, your employer may be able to demonstrate that it reasonably protects its legitimate interests at an employment tribunal. Where this happens, you can find yourself facing a costly injunction and potentially substantial damages.
To avoid these and other risks, arrange an employment contract review with an experienced employment contract solicitor before signing or amending any employment contract. Call us on or and we'll call you.
What is the Senior Managers Regime?
is a key part of UK financial regulations. Introduced in March 2016, it's designed to increase the personal accountability of senior figures in the financial and insurance industries. In doing so, it ensures that senior managers can be held legally accountable for any misconduct or irregularities that fall within their purview.
As such, it places even greater responsibilities on senior managers than ever before, meaning that you should think very carefully and take expert legal advice before signing a Statement of Responsibility. This involves having a comprehensive understanding of not just the SMR, but also:
- The Certification Regime: Which applies to any employee whose role could potentially cause damage to the firm or its customers
- The Conduct Rules: These apply to everyone in the banking sector, but you also need to be aware of the Conduct Rules that apply only to senior managers
Before you sign up to the SMR, with all of its obligations and liabilities, you should consider talking to one of our experienced employment contract solicitors about the legal and practical aspects of this decision. In the first instance you may wish to refer to our guide to the , which is free to download. After you have done so, feel equally free to call us on or and we'll call you to tell you more about our SMR guidance service.
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