Making the Strength of your claim pay
The cost of solicitors and, if necessary, legal proceedings are not inexpensive. As solicitors, we only have the commodity of time to sell and accordingly the cost of this time can be quite expensive and is not normally affordable except for those with at least reasonable resources.
For those individuals or companies which require legal assistance, whether it is to sell or extract locked assets or to bring or defend a claim in Court, the initial problem faced is how do you pay such costs which will potentially comprise thousands of pounds.
In the UK today, access to justice for civil or commercial Claimants and Defendants without a bottomless pit of funds appears to have almost disappeared. Legal Aid is all but gone but for the most desperate of criminal and family proceedings and institutions, being government or large financial or professional bodies, appear to have a considerable advantage over all opponents of lesser means. Where is the justice in this?
Often this means you, be you a company or an individual, often find yourself faced with the alternative options of either (a) huge legal costs (with no guarantee of success at trial, which will follow extensive and costly litigation services provided by a firm of solicitors); or (b) having to reach a settlement, regardless of the strength of the claim against you. This cannot be permissible. But unfortunately it is.
A common way to get around this problem is by financing the asset, being your interest or claim, or the strength of a defence you may have (if faced with threatened or actual Court proceedings). This, together with more traditional ways of paying legal costs, are often referred to as Litigation Funding.
Litigation Funding is a concept that is not new and at Francis Wilks & Jones we are very familiar with assisting individuals or companies who are keen to explore alternative forms of Litigation Funding.
At Francis Wilks & Jones we have many years of considering our client’s position and working with clients to establish creative solutions to such concerns. If you would like to read further on this subject, please click on any of the following links:
- A. How do People Fund commercial litigation?
- B. What are the alternatives to litigation
- C. The key legal principles of funding litigation
In summary, the Options available as an alternative to funding legl costs yourself comprise one, or a combination, of the following:
- (i) Solicitor Finding Arrangements – please click here for more information.
- (ii) Third Party Funding Arrangements – please click here for more information.
At Francis Wilks & Jones you will always speak to someone at a senior level who will respond to any query you have very quickly.
Please call any member of our commercial litigation team for your free consultation now on 020 7841 0390. Alternatively e mail us with your enquiry and we will call you back at a time convenient to you.