What is an Employee Benefits Lawyer?
An employee benefits lawyer is a lawyer that focuses on devising employee benefit and compensation schemes. Specifically, these lawyers focus on the creation of schemes surrounding lifestyle, health and welfare, retirement, employment incentives and compensation. The purpose of these schemes is to provide non-wage compensation to employees additional to their salaries either as a form of bonus or perk. The law in this area is complex particularly because these benefits are regulated in certain ways in order to reduce tax evasion. A lawyer in this field understands the tax obligations of such a benefit scheme whilst being able to create and implement them effectively.
Why do I need an Employee Benefits Lawyer?
If you run or manage a business and are looking to implement a form of employee benefit scheme, it is beneficial to engage with an employee benefits lawyer. Their experience in the area of employment law gives them knowledge of the most efficient way to implement a scheme of your choosing. Beside this if you have already given employees benefits such as fringe benefits, a lawyer in this field will be able to help you understand and minimise your tax obligations. They are particularly helpful if you are looking to implement any form of executive compensation through both financial and non-financial rewards.
How much will an Employee Benefits Lawyer charge?
Employee benefit lawyers like most employment lawyers don’t have fixed rates. Depending on the scheme your business is looking to implement it is likely they will charge by the hour. This will be the case particularly if the lawyer is required to draft specific documents to coincide with the employee benefit scheme.
When you submit a quote through LawPath, we’ll source you quotes from a range of expert employee benefit lawyers. All of our lawyers work on a fixed-priced basis, meaning you always know how much the process will cost.
What will an Employee Benefits Lawyer provide?
The goal of an employee benefits lawyer is to successfully implement the correct policy for any benefit scheme. In order to do this, they might be required to complete specific documentation or agreements for employees to follow and agree to. Besides this, they will provide effective advice regarding the tax implications of such a scheme.