What is No Win, No Fee?
‘No Win, No Fee’ is a
phrase you’ve probably heard many times, lots of Solicitors offer it, but is anyone actually sure what it means?
No Win, No Fee is used to
describe an agreement called ‘the Conditional Fee Agreement’ between a law firm and their client. In claims such as Personal Injury, this is an agreement between the client and their lawyer which means that if the lawyer takes on the case, and looses, the client will not have to pay their lawyer’s costs. Apart from family or criminal matters, many types of claim are suitable for a CFA (Conditional Fee Agreements).
However, if the Lawyer was to win the case, they will be entitled to their standard fee plus a success fee for winning you the compensation. In English law, the fee cannot be greater
than 100% of the lawyer’s standard fee.
When the case is won, either the Courts, or the losing party’s insurers will have to recover the damages made, this could be anything from pain and suffering caused, damages to property or vehicles and/or money spent on medical bills or taxis.
With most CFA’s the client
will receive 100% of any compensation awarded.
After the Event Insurance
(ATE) is a term used to describe the type of insurance policy, which is normally acquired by the lawyer acting on behalf of their client. As a rule
this is taken out after legal proceedings have been contemplated, or in the case of a Personal Injury Claim, when a CFA is entered into.
ATE insurance is basically
designed to protect the client from the risk of legal costs from either their
own lawyer, or costs incurred by the opposite party in a legal case, in the
unlikely case that the case is discontinued or lost at trial.
One reason people often turn to No Win, No Fee is for the growing convenience it offers people. Nowadays all you need is the internet and you’re away. You often don’t need to visit a Solicitors office, because you can simply type in the details of your claim and someone can get back to you almost instantly.
No win, No fee is also often settled out of court, giving you the potential for a speedy win! No more hanging around for court dates, you’ll get the money you’re entitled to. You also gain a lot of peace of mind, because the solicitor you will be given with be specialised in that field, ensuring they know absolutely everything they need to win you the case.
It’s definitely something worth thinking about if money is short, it’s cheap, it’s effective, and a lot of the time, victory is pretty much guaranteed, as Solicitors won’t take on a case they don’t think they could win. So if you ever need to make a claim, No
Win, No Fee could be the best option for you.
Tags: cfa, conditional fee agreement, conditional fee agreements, convenience, damages, event insurance, insurance policy, lawyer, lawyers, legal case, legal proceedings, medical bills, pain and suffering, personal injury claim, risk, solicitors, success fee, taxis |
