Redundancy LawIt’s a sad fact that, in times of economic downturn, redundancy is a common way for companies to reduce costs. Current research by KPMG and the CIPD have identified that UK companies are now embarking on large-scale redundancies from which they have refrained earlier in the year. And in this recession, the blow will fall on those in management, the professions and senior employees, unlike in the 1980s and 1990s. This reflects the sectors hardest hit : finance, leisure and retailing. However, even for employers this is not a course to be taken lightly, even a “successful” redundancy, not resulting in an Employment Tribunal claim, averages a cost of £10,000. To defeat even a spurious Tribunal claim will cost, in addition, £20,000 with no opportunity to recover these costs. Already twice this year, Aidan Loy solicitors have overseen two large scale redundancy exercises for City financial institutions without a single claim.That is why, for companies, a redundancy programme must be carefully planned, meticulous, fair and with absolute regard for the law. Aidan Loy solicitors have extensive experience of such schemes, particularly in finance, banking and service industries and have a record of overseeing such programmes completed swiftly and without additional legal costs. For individual employees, the process of redundancy is traumatic. With loss of income and status and an uncertain future it is an extremely depressing and potentially catastrophic time. What is required is a swift resolution with the maximum compensation at minimum cost and stress. This is our approach and has been extremely successful allowing individuals to move on swiftly to new positions and continue their lives. We act for all employees across all sectors in such situations but principally for senior staff and professionals. Recently individuals in City financial institutions have been prominent with clients from Goldman Sachs, HSBC, Morgan Stanley, Kaupthing and others, in addition to a broad range of other clients. Our expertise in this area is second to none, and our clients can confirm it. In all instances we aim to bring the matter to a swift conclusion at minimal cost and maximum compensation. Redundancy is a serious issue but, with the right help, legal and practical, it can be successfully overcome. Let us help you overcome it. |
