Help With Paying Your Commercial Court Fees
Having adequate resources to fund a commercial dispute is crucial for any party attempting to resolve it, regardless of the outcome. If no alternative method of funding is established, a party involved in a dispute may be held responsible for all legal costs and court fees incurred. It is important to consider alternative funding approaches in terms of their suitability and availability.
Annecto Legal is available to assist clients in obtaining the best legal advice and funding options for any business dispute. We can help to bridge any gaps that may exist. It removes financial uncertainties and gives balance sheet protection against unforeseen significant uninsured legal expenses.
We understand that disputes can be inconvenient and disruptive. Covering the cost of the required legal support is not always simple and should be taken into consideration.
Alternative funding methods for commercial court fees
Alternative funding methods can be used to cover court fees in commercial cases. Some of the common funding methods that may be used to cover court fees include:
- Third party funding: A third-party funder may provide funds to cover the court fees and other expenses in exchange for a share of the potential settlement or award.
- After-the-event (ATE) insurance: This is an insurance policy taken out after a dispute arises that covers the cost of litigation and court fees if the case is lost. The premium for the policy is typically paid upfront or deferred until the conclusion of the case.
- Conditional fee agreements (CFAs): This is a type of agreement between a lawyer and a client where the lawyer’s fees are only payable if the case is successful. The client may still be responsible for court fees, but some lawyers may agree to defer or waive these fees if the case is lost. ATE insurance is often taken out to cover costs in these types of funding agreements.
- Damages-based agreements (DBAs): This is another type of agreement between a lawyer and a client where the lawyer’s fees are calculated as a percentage of the damages awarded if the case is successful. If the case is lost, the client is not responsible for the lawyer’s fees. ATE insurance is often used in conjunction with this type of agreement to cover the costs of court fees and other legal expenses. It may also be necessary to seek funding for legal costs not caught by the DBA.
It is important to note that the availability of funding methods may depend on the specifics of each case. It is recommended that parties seek advice from a legal professional to determine which funding options may be suitable for their specific case.
At Annecto Legal, we can help you determine which funding choice is the correct one for your case. We can help you reach a successful conclusion whilst keeping commercial court fees as low as possible.
How much are commercial court fees?
The cost of commercial court fees in England and Wales varies depending on the type and complexity of the case. The fees are generally calculated based on the amount claimed and are charged at different stages of the legal process.
As of 2023, the fees for starting a claim in the Commercial Court (part of the Business and Property Courts of England and Wales) are as follows:
- Claims between £10,000 and £200,000: 5% of the value of the claim
- Claims over £200,000: £10,000
There may be applicable fees for other aspects of the litigation process, such as filing documents or attending hearings. It is important to note that the fees payable are subject to change. Therefore, it is advisable to check the most up-to-date information on the government website or consult with a legal professional.
What are the benefits of using alternative funding?
There are several benefits to using alternative funding methods for commercial cases. Here are a few examples:
- Reduces financial risk: Commercial court fees and court tribunal fees can be expensive. Using alternative funding methods can reduce the financial risk of pursuing a claim.
- Increases access to justice: Alternative funding methods can make it possible for individuals or businesses with limited financial resources to pursue a claim that they might not otherwise be able to afford.
- Supports efficient case management: Using funding methods can allow parties to focus on the merits of their case instead of worrying about the cost of litigation. This can help to streamline the legal process and support efficient case management.
- Provides flexibility: Alternative funding methods can be tailored to meet the specific needs of each case. For example, some funding options may be suitable for cases with a high likelihood of success, while others may be more appropriate for cases with higher levels of risk.
How can Annecto Legal assist with commercial court fees?
Annecto Legal help clients realise the value of their commercial claims by accessing insurers and funders in the UK and around the globe, to secure the best possible solution.
Get in touch with an expert member of our team to find out which commercial litigation cover is the right litigation funding choice for you.
Get in touch
* Annecto Legal can only assist on case where the loss is in excess of £100,000, with the exception of data breach claims. If you need assistance on a claim worth over £100,000, please get in touch using our form or the details below:
Annecto Legal Ltd, 106 Kennedy Building, Murray Street, Manchester , M4 6HS
0800 612 6587