The types of Alternative Fee Arrangements to pay your legal costs include the following:
- Conditional Fee Agreements.
- Discounted Conditional Fee Agreements.
- Damages Based Agreements.
- Third Party Funding.
- Blended Rates.
- Fixed Fee rates.
If you have a strong claim or defence, make the strength of your case pay your legal costs.
Alternative fee arrangements largely depend on the client’s needs and their ability to fund legal fees. This is the same whether the legal costs are being incurred in litigation proceedings or event out of Court in negotiations or in respect of non-contentious transactional matters.
Some types of arrangement provide for little or no funds to be paid during the instruction or even at the end, but with a big concession of the rewards if they are successful.
Other types of arrangement provide mechanisms to have certainty on fees in blocks, bit with the need to keep paying such costs with no certainty as to when such blocks will cease to be required. This can work very well for cases with small distinct stages that require management, but is less attractive in circumstances where costs can escalate.
The alternative fee arrangements available may be those entered into or set-up with solicitors or alternatively a third party funder could be brought on board to take care of the solicitors costs and, in consideration of such funding, may seek a repayment at a fixed (and usually higher) percentage interest rate or alternatively they may be agreeable to taking a portion of any recoveries, if successful.
The advantage of a third party funder is that, for litigation, they often are able to also provide insurance against your opponents’ legal costs (in the event for some reason your claim or defence is unsuccessful).
At Francis Wilks & Jones we are extremely familiar with all types of funding models and are also receptive to any alternative proposals. We have access to a wide range of litigation funders who may be able to assist you and have a comprehensive experience of alternative litigation funding models, appropriate to your needs.
Please call any member of our commercial litigation team for your consultation now. Alternatively e mail us with your enquiry and we will call you back at a time convenient to you.