Do not ignore alternative funding arrangements
By this stage, reading press coverage surrounding Jackson and the implementation of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) is probably becoming nauseating for most litigators. Another cost conference talking about the changes, another survey conducted by a funder, insurer or broker (yes, we’ve done one too) and it all starts to become predictively repetitive.
The seductive indication from legislators flirtatiously implied they would give lawyers the freedom of contingency fees, only to impose such outwardly onerous obligations on the firm that DBAs are now seen as the somewhat ugly sister to the more flexible and arguably more appealing conditional fee option.
But underneath all the discussion, is there a changing attitude of clients? Is a client’s loyalty increasingly driven by the firm that offers the best deal on costs? From corporate clients offering panel work only to ferociously beat firms down on rates to a claimant seeking risk-free litigation, pressures on law firms to adapt their attitudes to fees are ever present…
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Briefings from TheJudge
One of the first questions we are asked when discussing funding options is – how much will it cost? Well, it varies.
A recent report says that, by and large, funders are charging the same success fee, but that conclusion is squarely at odds with our experience