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There is still a lack of proper information available to clients facing a dispute, particularly when it comes to funding and risk management.
A conditional fee agreement can be full or part funded. A partial conditional fee agreement means that you or a third party funder pays a portion of the costs throughout the case and the remainder is our share of the risk in your case. The benefit of this arrangement is that the success fee is lower on a win, reducing the success fee amount payable on success (which is no longer recoverable as part of your legal costs even if you win the case).
In many cases we are able to share risk with clients and also provide insulation from risks involved in litigation, for example we have access to the most competitive after the event litigation insurance rates available. When we are able to share risk with you, some of our fees are only payable if the case is successful. When a case is successful, our standard fees are payable along with a success fee.
In the rare instance when a case is lost at trial, we can provide clients with insurance protection from having to pay legal costs to opponents.
The success fee we charge is calculated according to our evaluation of the perceived likelihood of success. To assess this we look at a number of factors including: The strength of the case, the value, if settlement is probable, the amount of expert opinion required and whether success hinges on it. We also look at how comprehensive the documentation is surrounding the case at the outset.
The client is responsible for the payment of the conditional fee agreement fees including the success fee. If a conditional fee agreement was entered into prior to 1 April 2013 the success fee may in whole or in part be recoverable from the losing party in litigation.
If the case is not successful damages are not awarded and no settlement is achieved you will need to pay reduced solicitors fees and a proportion of the other sides costs.
Conditional fee agreements can be a way of reducing but not limiting the risk of bringing a litigation claim from a cost perspective. Call us today on 01616 966 229 to find out more about how this funding option works and to discuss if this could be an option for you to help resolve your dispute. Alternatively please complete our online enquiry form and a member of the team will contact you directly.
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