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There are now many ways of paying for your dispute. We set out below the options available and some of the pros and cons of each option. Alternatively, if you would like to discuss your case and your options please contact a member of the team on 01245 453813.
Paying your solicitor on an hourly rate
This is the most common arrangement. It will usually, in the long run, be the cheapest arrangement. This is because there is no success fee to be paid. However, the fee is not based on the outcome of the case and therefore you have to pay whether or not you win or lose.
We are happy to discuss fixed fees with a view to agreeing costs for particular stages of a case or even, in some instances, for overall conduct through to a conclusion of the matter. The fixed fee will apply irrespective of the amount of work carried out which gives you certainty and helps with budgeting. Find out more about our fixed fee litigation service for disputes between £10,000 and £25,000.
Third party funding
This is where a totally independent third party provides the finance for the litigation to be run. We have an agreement with a company called “Augusta” whose product, TRINITY, is used for funding litigation. This funding solution works with all sizes of case. If you are unsuccessful, you do not have to repay the monies provided by Augusta. However, if you are successful then Augusta will receive a percentage of what you recover. For more information on Augusta click here.
Conditional Fee Agreements
This is often referred to as “No Win No Fee”. In this situation, you are not charged if you lose your case. However, if you win your case then you have to pay your lawyer their normal hourly rate and also a success fee. A success fee cannot now be recovered from your opponent and therefore you will have to pay this yourself. It may be as much as 100% of your solicitor’s normal hourly rate charges.
This is where you agree that a percentage of what you are awarded is paid to your solicitors. If you are unsuccessful then there is no charge. However, if you are successful the damages-based agreement may be that you have to pay up to 50% of what you are awarded to your lawyer.
Before the event insurance
You may have legal expense insurance on an insurance policy that you have, such as your home or car insurance. You may be able to make a claim on that insurance and the insurers would pay the legal costs. However, policies are usually quite restrictive and also your insurers will try to make you use their panel solicitors rather than your own solicitor.
Community Legal Services Scheme
This is available on a very limited basis and eligibility depends not only on the type and merit of the case but also personal financial circumstances. We confirm we are not on the Community Legal Services scheme panel.
All of these options for funding need to be considered. They all have advantages and disadvantages for the client and the lawyer.
If you would like to discuss your case and your options please contact a member of the team on 01245 453813.