The funding package under Advantage has three elements:
- an early assessment of your risks in litigation for a fixed fee
- clear costs reports
- shared-risk funding by way of a conditional fee agreement, insurance and/or third party funding
The strategic advantage gained:
- your opponent will be given notice of the fact that your claim or defence is being funded this way (as required by the court rules). As a result, your opponent will know that experienced solicitors have reviewed your case and consider it robust enough to lead them (or insurers or third party funders) to agree to share the financial risk
- a losing opponent ordered to pay the winning party's costs could be ordered to pay those costs together with the additional payment of a success fee (of up to 100% of the costs) and a significant insurance premium. Your opponent will know of the existence of these additional liabilities and they will have the uncertainty of not knowing the exact amounts involved. Your opponent will also know that its overall costs exposure will increase in line with the level of any success fee. These are significant incentives to an opponent to reach an early settlement
To speak with a solicitor in the Dispute Resolution team click here or call us on 0800 840 4929.
