We understand that the uncertainty and risk in relation to costs is one of the main barriers to businesses pursuing any dispute resolution process including litigation. As a result, we recognise the need for flexibility in funding litigation.
Our Dispute Resolution team monitors trends and developments in the market in order to bring innovative new funding methods to clients. Often this involves a transfer of risk from the client to either ourselves, insurers or third parties: see Transfer of risk below.
From the outset, we will discuss with you the possible funding options available. We also use bespoke software to produce costs budgets for our clients at our initial instruction. This allows clients to manage costs and therefore cash flow going forward, giving certainty and reducing risk.
Transfer of risk
The funding options available are:
- legal expenses insurance, where an insurance policy already held by the client covers legal costs
- conditional fee agreement, an agreement between you and Pannone in which we agree to discount your legal fees and share the financial risk with you. If you lose, you will only pay our fees at the reduced rate
- after the event insurance, where you do not have legal expenses insurance and you take out a separate policy to cover you against the risk of being responsible for the other parties’ costs and your own disbursements
- third party litigation funding, where individuals or companies pay for some or all of your costs in return for a share of any damages awarded if you win your claim
For more information on third party funding click here.
Advantage funding
In disputes in which we assess a client's prospect of success as at least 60% (and where the opponent has sufficient assets to meet an order against it) we will try and place that dispute under our Pannone Advantage funding product. The Advantage product is a combination of a conditional fee agreement, after the event insurance and/or third party funding. We have a delegated authority with one of the UK's leading insurers which allows us to place clients' cases on cover for up to £2 million of adverse costs in most types of dispute.
Advantage is a new and transparent approach to funding dispute resolution and litigation which gives clients certainty in relation to costs, reduced financial exposure and the ability to negotiate from a position of strength.
To find out more about Pannone Advantage please click here.
The litigation funding options above may not all be available to you. We will of course advise you which options are available to you which will depend on the particular circumstances of your case.
To speak with a solicitor in the Dispute Resolution team about litigation funding please click here or call us on 0800 840 4929.
