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Two City law firms have linked up with a computer software company to produce Execomp, a software program designed to calculate compensation on termination of executive employment.
With the assistance of Baker & McKenzie employment partner Michael Ingle and Fox Williams employment partner Jane Mann, Cadence Europress claims to have developed a system which will cut calculation times down from 10 hours to 40 minutes.
The system, which uses a combination of numerical and legal judgment data, operates via a series of dialogue boxes.
The software is based on three calculation situations where dismissal is likely to occur: a wrongful dismissal compensation payment; an unfair dismissal compensation payment; and statutory redundancy payment.
Martin Risely, director of Cadence Europress says: "The main advantages of the Execomp system are its productivity enhancement and flexibility. It can run several different scenarios for each employee."
Bakers partner Ingle says: "In my own experience the software is easy to use and a great time saver.
Although most of the users will be lawyers, it could be used by company secretaries or senior executives themselves."
Since Execomp was launched last month, two City firms have already installed it.
David Dalgarno, an employment lawyer at London firm Warner Cranston, says: "Although this firm has no immediate plans to use the system, I am well aware of its potential.
"Compensation calculations can be fiddly, but I am unsure about how much time it will save."