You’ll probably already have heard about ‘no win no fee’ claims, but do you know what it really means and how it affects you? Our solicitors will only work on a no win no fee* basis with accident victims, because we believe that professional legal support should be available to everyone, no matter how much money they have in the bank. Here are the key facts about this agreement that you should know before you start on your journey towards a compensation claim:
No win no fee* key facts
- No win no fee is sometimes referred to as a Conditional Fee Agreement (CFA), but whatever your solicitor calls it, they both mean the same.
- The agreement is between you and your solicitor.
- This conditional agreement means that if your solicitor does not win your claim for you, then they will not charge you any fees.
- If your case is won, your solicitor will be able to claim their fee, although this is often paid by the insurance party of the losing party.
- If your case is lost, you could be held liable for the opposing party’s costs, including solicitor’s charges and court fees.
- To avoid this happening, you may be asked to take out an ‘after event’ insurance policy which will cover these costs and eliminate this risk to you.
Does no win no fee sound too good to be true?
If you’re thinking that it does, then let us explain. Solicitors who offer a no win no fee service do so because they have the opportunity to gain additional rewards when they win the case. A successful claim is often paid by the losing party’s insurance company and when they pay your compensation, they usually pay the solicitors fees as well. Not only that, but depending on how much risk was involved in taking on your case, they will sometimes pay an additional ‘success bonus’ to the solicitor on top of their usual charges.
Of course, it is not all about the money. Solicitors genuinely like bringing justice to situations, and by offering a CFA or no win no fee agreement, they will be able to offer their services more widely, to a greater variety of people, and serve justice to more victims than if they were to charge up front for their services. Not only that, but by making legal support available to every innocent accident victim in an affordable way they are ensuring a regular stream of work for them, and lots of interesting cases to become involved with. When a solicitor takes on your case you have peace of mind that they believe in your case and have faith that it can be won because if it doesn’t they’ve not earned any money.