Our team of dispute resolution lawyers offer a range of innovative and flexible funding options.
See the link to our ‘Litigation Funding’ brochure below.
Litigation can be lengthy, with cases taking months, or even years, to complete. This can put financial strain on businesses and individuals paying legal fees throughout the process.
The good news is that Bridge McFarland LLP can provide an integrated package of funding solutions for your legal costs and disbursements (such as court fees and expert fees) and insurance against the risk of having to pay your opponent’s costs. You simply choose what is best for you.
- Hourly rate retainer– You pay an hourly rate, whether you win or lose. You pay for each lawyer working on your case, which reflects the seniority and experience of the lawyer and the nature of the case.
- Fixed fee – An agreed fee for a particular item or stage of work.
- Conditional fee (or ‘no win, no fee’) agreement (CFA)– If you lose the claim, you don’t pay any fees to us. You do pay disbursements (or expenses) such as court fees and expert fees, but these can be covered by insurance. If you win, you pay our fees at our normal hourly rates, plus a fixed success fee. You will also pay disbursements, VAT and any insurance premium. You will usually be able to recover some of our fees and disbursements (but not the success fee or any insurance premium) from your opponent.
- Discount rate (or ‘no win, low fee’) agreement (DFA)– You pay our fees at agreed discounted hourly rates (of up to 50%) and disbursements. If you lose the claim, you only pay our fees at the discounted rates. If you win, you pay the difference between the discounted rates and our normal rates, plus a (usually smaller) success fee. You also pay disbursements, VAT and any ATE premium. You may be able to recover some of our fees (at the normal rates) and disbursements (but not the success fee or any ATE premium) from the other party.
- After-the-event (ATE) legal expenses insurance – Insurance against the risk of having to pay your opponent’s legal fees, if you lose your claim. It also covers your disbursements (including court fees and expert fees). The ATE premium is paid at the end of the claim as a percentage of damages and is self-insuring (meaning you only pay it if you win). The ATE premium cannot be recovered from your opponent.
- Disbursement funding – Funding for disbursements (or expenses), such as court fees (which can be high) and expert fees. A funding arrangement is provided by a third party by way of a loan agreement. Interest is charged and the loan is only repayable at the end of the claim. The loan and interest are covered by ATE insurance meaning there is nothing to pay if you lose. Disbursement funding is only available when ATE insurance is taken.
- Damages based agreements (DBAs)– If your claim succeeds, you pay us an agreed percentage of any sum recovered from your opponent. If your claim fails, you do not pay any fees to us (but you will have to pay disbursements). ATE insurance can be taken in conjunction with this method of funding.
- Third party funding – A third party financial provider funds your claim in return for payment if the claim is successful
Please note that the availability and suitability of these funding solutions (and the terms upon which we enter into them) will depend upon our assessment of the strength of your case, it’s value and your opponent’s financial position.