Annecto Legal’s commercial litigation funding expert Mark Beaumont offers advice to smaller businesses who are reluctant to seek legal redress in the face of rising court fees.
It is a sad fact that throughout the course of life many individuals and businesses suffer as a result of professional negligence, breach of contract disputes, or indeed, any manner of ways. Without a strong civil justice system in place there would no doubt be even more instances of wrongdoing.
Yet, despite our legal system, surprisingly few cases are pursued as they should be, because of concerns over potentially astronomical legal costs.
I find this frustrating as the reality is that justice can be sought without exposing yourself or your business to expensive lawyers’ fees.
If more individuals and businesses were made aware of the legal options available to them, I am sure there wouldn’t be as much professional litigation.
When faced with a situation where you have suffered financially, get proper advice and find out what litigation funding options you have. You may find that you are able to pursue redress using financing and insurance, meaning you spend no money and take no financial risk.
If you are seeking to pursue an opponent through the courts then make sure you have the right legal representation: just as in any walk of life, good solicitors and barristers specialise in particular areas. If you are litigating, you want an expert in your corner, not someone that’s using your case to train themselves up!
Secondly, get the right advice on how to fund and insure your case. Should your lawyers be privately funded? Should you use some form of conditional fee agreement (CFA) or damages based agreement (DBA)? Would it be better to have a hybrid agreement that combined different types of funding (e.g. third party litigation funding) to reduce your risk (and align the interests of your lawyers with your own)?
Is it better to have a third party, provide funding for your lawyers and court fees? If so, what deal should you strike to ensure they are rewarded for taking the risk, but that you also benefit from bringing the action?
Finally, if you are to work with a partner to pull all of this together, how will they be paid?
Annecto Legal assists individuals and businesses in pursuing cases in the most efficient and cost-effective manner possible using our network of solicitors, barristers, experts, funders and insurers.
Our fee structure is simple: funders pay 2% of whatever they invest in a case upfront, and the client pays 2% of monies recovered upon successful conclusion.