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Hello, thank you for your question. My name is***** should be able to assist you with this.
There are many different ways of funding of professional negligence claim.
It is often the case, where you enter into a conditional fee agreement (otherwise known as a no win no fee agreement), you would also take out insurance at the same time. Normally, this is after the event insurance (ATE cover).
So you would do both together normally. However, you do not have to do that. The products cover slightly different things. Let me explain.
The no-win no fee agreement is simply an agreement that you have with your lawyer. In other words, you only pay your lawyer if you succeed in your claim.
If you fail in your claim, you will not have to pay your lawyer.
However, if you fail, you are likely to be ordered to pay the defendants solicitor's costs.
The ATE cover protects you by paying out any sum that you are ordered to pay the defendant for its costs.
So, technically, you do not have to have both together, but you often do.
My screen shows you as "off-line", so I shall continue as soon as you are inside of the chat.
i am here
So, I was saying.
These two things usually go together, but there are completely different funding options also available.
The other key method is called a damages based agreement. This used to be called a "contingency fee agreement". In other words, you split by reference to an agreed percentage, the proceeds of any litigation with your solicitors.
These types of agreement are much less common, probably because they are brand-new, as they used to be illegal for litigation proceedings in this country.
However, there are an increasing number of solicitors looking at funding via this method. It is often the case of phoning around, having a number of discussions, and seeing which lawyer offers the best arrangement.
And then, of course, there is the good old-fashioned charge by hourly rates. This is never overly appealing, especially litigation, because the length of time taken to resolve matters can be significant, and the costs equally significant.
A number of firms increasingly look at fixed fee arrangements, although I would imagine your kind of claim is probably difficult to secure that kind of arrangement for. It is not, however, impossible and you might wish to consider it. The problem with this, is that the solicitor is likely to want payment upfront of a fairly sizeable sum of money. I would imagine that this could be in the order of £20,000 or more.
I'm conscious that I'm waffling on here, is there anything that you would like me to focus upon specifically, or does this answer your question?
Why did you say "your kind of claim is ….difficult" ? Do you have knowledge of any firms that will pursue a.n.o lawyer and his insurers on this basis?
I said "your kind of claim" in relation to a fixed fee arrangement. It can be difficult, as these kinds of claims can drag out for some time, and they can be difficult to judge in terms of an appropriate fixed fee arrangement. In fairness, that was a rather general remark on my part, and it might be that your claim is obviously one that ought to succeed, or stand a good prospect of succeeding. Only another lawyer having reviewed all of the paperwork can properly judge that, and offer you a appropriate funding arrangement based on that.
What part of the country are you based in?
West of London Berkshire
I'm afraid I don't know that particular area very well, but my recommendation to you would be simply to contact a number of firms in your area and ask whether they are prepared to carry out, subject to an appropriate review, professional negligence actions against other solicitors. Not all solicitors feel comfortable about doing this, but many will.
Ok thank you
Can I just add one more thing.
We've talked about insurance products for funding "after the event".
This means after the problem concerned has arisen.
However, some people do have insurance that they do not realise, which might cover them against such costs anyway.
Often, it comes in the form of credit card insurance or house insurance policies.
You should, therefore, check these policies to see whether you have insurance cover for negligence actions. You may be pleasantly surprised, but certainly have nothing to lose by checking.
And just so you know, this is called "before the event" insurance.
thanks we are affected personally , that might be covered and thru our business so will check
You are very welcome. Is there anything more I can help you with today?
Okay. Can I just check whether you are happy with the service today please?
Hi might have signed off pushing wrong button
thanks a good service, and quick.