Funding Options for Litigation
Funding Options for Litigation
We understand that the uncertainty and risk in relation to costs is one of the main barriers to potential claimants pursuing their claims through one of the dispute resolution processes including the courts.
Not least due to the global economic conditions, clients want an alternative to the traditional hourly billing by their solicitors. Our clients tell us they want increased certainty, more transparency and options for funding their claims. We are happy to meet this challenge in order to add measurable value to our clients.
We show our commitment to our clients by sharing the risk on costs ourselves and by offering innovative and flexible pricing structures. We share our knowledge of the legal costs insurance and funding market with our clients to ensure the appropriate alternative funding options are made available to consider. As a result, we ensure our clients secure every possible tactical advantage available to them in their dispute. A way in which a claim is funded can often produce or contribute to a speedier and more advantageous result for our clients.
Our budgeting and costs estimating processes have recently been praised by the judiciary and these are services of which we are very proud. Our dedicated costs draftsperson helps us to deliver to our clients transparent pricing, clear estimates and regular updates. These assist not only in managing your cash flow but also in assessing the commercial risk for your business from the outset.
What are the funding options and how do they work?
To achieve increased certainty, more transparency and to ensure our clients have a range of flexible options in addition to offering innovative pricing structures, we can:
- Discount your legal fees by up to 100% by entering into a conditional fee arrangement.
- Arrange after the event insurance to cover you in the event you were responsible for the other party's costs and own disbursements.
- Arrange funding from third parties who pay some or all of your costs in return for a share in what you are awarded if you win. Sharing the proceeds of a successful case is preferable to being in a position to keep 100% of a claim you cannot bring on your own. Even if you have the funds for a claim, this can be used to hedge your risk and reduce the effect of a claim on cashflow.
- From 1st April 2013, we will have the ability to enter into damages based agreements with clients. This means we will pursue the claim for you without charge but if you win, then we receive an agreed percentage of any damages awarded. The losing opponent is still liable for your legal costs but you will be responsible for any shortfall between the agreed percentage and costs recovered from your opponent. If you lose, you will not pay any legal fees to us although you may be liable for your own expenses and the winner’s legal costs, subject to any insurance you had taken out.
We will of course discuss all the options available to you and agree with you the most appropriate option.
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.
Contact our litigation funding team today to find out more about your options by calling 0800 840 4929 or alternatively, fill out our enquiry form and we will call you back.
The Dispute Resolution team has been highly ranked for many years in the Legal 500 and The Chambers UK Guide for the North West region. Several partners in the group are also cited as leaders in their field (dispute resolution and commercial litigation).
"This progressive and successful department is acknowledged by its competitors to be tough, knowledgeable and effective. Experienced in litigating in all courts and tribunals, its watchword is commerciality... Interviewees commended Pannone LLP for its "robust approach in protecting the interests of its clients." The Chambers UK Guide
0800 840 4929