posted on 16 11,2017 / 6:50 am
If you search the web today on personal injury claims you will come across the words No-Win No-Fee.
Most accept that this means you will not be liable for solicitor’s fees if you don’t win your claim. Although there are a few more details around this agreement that we think you should know.
Ironically, for the victims of life-changing injuries who would need the money the most. The high cost of obtaining the necessary legal help to make successful personal injury claims is the most deterring factor. The introduction of No-Win No-Fee agreements addressed this dilemma. It gave claimants the opportunity to pursue their case even if they did not have the funds to pay the upfront fees required to hire a no win no fee solicitor.
When an individual and a law firm get into such an agreement, it essentially means that the law firm is willing to offer you a service while covering all legal aspects of your situation. The individual does not incur any upfront costs at all. In other words, the ‘No- Win No- Fee’ solicitor takes the risk on your case.
Under this agreement, the claimant only pays the solicitor’s fee if the claim is decided in their favor. This fee is usually a percentage of the awarded compensation. This is because the costs are directly recovered from the compensation.
The law now permits solicitors to state a percentage of your recovered damages as success fees. The parties at the commencement of the case sign a CFA (Conditional Fee Agreement). This stipulates the percentages and payment terms. It is a good idea to ask your solicitor all the particulars. Agree to them before you sign on the dotted line.
The insurance companies other party will recover a major portion of the cost in the event of a successful personal injury claim. The CFA stipulates that the compensation payout is limited to the percentage.
If the claim is unsuccessful, the fees payable after the fact will depend on this same agreement. While you are exempt from the solicitor’s fees, in some agreements the court costs, expert’s charges and any other miscellaneous expenses are the claimant’s responsibility.
Generally speaking, the typical No-Win No-Fee percentage is 25%. The quote by Alexander pope comes to mind here: “Fools rush in where angels fear to tread.” Be sure to read the fine print before you sign any legally binding documents.
On a last note- discuss every aspect of the claim with your solicitor. The majorities of law firms in the UK genuinely care about the individuals involved in personal injury claims and assist with such cases at great risk to themselves and their firms.
If you are considering a personal injury claim, it’s worth consulting a solicitor about filing a No-Win No-Fee claim. You will receive impartial and cost-free advice.
To find a solicitor and to assist you in your claim, go to Legit Claims online portal for a comprehensive directory of personal injury lawyers in the UK.