In today’s complex legal landscape, pursuing a legal claim or managing a legal issue can often be expensive. This may deter individuals from pursuing a claim or mean that they are unable to do so. However, the evolving field of litigation funding provides various avenues to make legal representation more accessible. This article examines several such options, emphasizing the range of funding alternatives offered by Hayley-Jo Lockley and Cognitive Law, (subject to a comprehensive risk assessment).
Fixed Fees
For those who prefer predictability, a fixed fee arrangement can be ideal. Under this structure, the client and solicitor agree upon a set fee for the legal services, regardless of the time and work involved. This method eliminates surprises and helps clients budget for their legal expenses. This will often be staged as the matter progresses.
Pay monthly
This funding option acts much like a subscription service. Clients agree to pay a predetermined monthly fee, which covers the ongoing legal services they receive. It helps spread out the costs over time, making it more manageable for many individuals.
Pay as you go
With this option, clients pay for legal services as they’re rendered, offering flexibility to manage expenses throughout the litigation. It allows individuals to keep track of ongoing costs and adjust their budgets accordingly.
Payment on conclusion
This straightforward arrangement involves clients paying their legal fees only after the case concludes; the legal costs are payable regardless of the outcome. It’s an attractive option for those who want to defer payment, potentially to be paid from the monetary awards they may receive.
Conditional Fee Arrangements (CFA)
Commonly referred to as a “no win, no fee” arrangement, CFAs are contracts between the client and their solicitor. Under this agreement, the solicitor will not charge their fees if the case is unsuccessful. However, if the case is successful, the solicitor’s fees are payable, often alongside a success fee which is a percentage of the compensation received.
Litigation funding companies
An increasingly popular choice, litigation funding companies provide the necessary capital to pursue a legal claim in exchange for a share of the proceeds if the claim is successful. These third-party entities bear the risk and alleviate the financial strain from the claimant. Companies like these assess the merits of a case before committing funds, ensuring that they back claims with a substantial chance of success. Not only do they level the playing field, allowing claimants to pursue cases against well-funded opponents, but they also provide a safety net for those lacking the finances to embark on legal battles.
Venturing into the financial realms of litigation can be daunting, but the right guidance can make it easier. Hayley-Jo Lockley, in collaboration with Cognitive Law, is committed to making justice accessible, irrespective of your financial circumstances. By offering a range of funding options, each tailored to individual needs and underpinned by a thorough risk assessment, they aim to make recourse through litigation accessible to everyone. Legal proceedings shouldn’t be a luxury reserved for a few. With varied litigation funding options available, individuals can find an avenue that aligns with their financial capabilities and needs, ensuring that justice is within reach for all.
If you have a litigation case you would like to discuss do not hesitate to contact me Hayley-jo Lockley on hayleyjo.lockley@cognitivelaw.co.uk who will be happy to assist you.