Personal Injury Funding Update
We reported in our “News Section” on 6th March 2013 that changes were being made to “No Win No Fee” Agreements in Personal Injury claims.
Following the law changes that have effect from 1st April 2013, there are two possible “No Win No Fee” options available in Personal Injury cases. These are Conditional Fee Agreements (CFA) or Damages Based Agreements (DBA).
A CFA involves a success fee, which is a mark up or enhancement that the Solicitor can charge for in effect taking the risk of losing the case and not getting paid at all. Under previous rules the client would recover the success fee from the other party in the event of a successful claim.
Under current rules this will not be possible, so that the client/claimant will be responsible for the success fee and have to pay this to the Solicitor.
A DBA involves an agreement that the Solicitor takes a certain percentage of the client’s damages/compensation in the event of a win.
We have now started taking on cases post-1st April 2013 under CFA’s, by adopting the model agreement that has been published by the Law Society in May of this year. However at this stage we regret to report that we are unable to offer a DBA since currently the Law Society has advised that there may be legal problems with such agreements relating to their enforceability. We shall keep the position under review.
If you are considering making a Personal Injury claim and want advice about funding options then please contact Daven Naghen on 01775 722261, or email email@example.com or write to us at 23 New Road, Spalding, Lincolnshire PE11 1DH.
You should note that we do offer a free initial consultation to assess the merits of your case and to consider funding options with you.