Own Work in Progress Funding for non-CFA costs.
· Set funding fee that is known at inception and funded itself under the system.
· Provides funding for cases from low value right through to multi-million pound value.
· Very low cost as against the use of a deduction from an award on a contingency fee basis.
· Open, clear and easily understood by clients.
· If the case is lost the client pays nothing.
· Solicitors can use private client retainer, Conditional Fee Agreement (CFA) or part CFA.
· Security for Costs order funded.
· Non-UK jurisdiction cases also considered.
In the vast majority of cases the use of a set funding fee and interest will be a cheaper option for the client whilst maintaining complete client protection from adverse costs orders. The system also allows the solicitors and counsel to obtain funding of work in progress that is not under a CFA and at no cost to the firm or counsel.
The system is underwritten exclusively via 1st Class Legal (I.S.) Ltd – call us for an instant example of the likely costs of funding a case.
Telephone 0845 241 2076 and ask for Bob Gordon or Jane Kelsall.
What will we fund?
· 100% of disbursements as required.
· We will treat counsel fees like a disbursement if counsel is not acting under a CFA.
· Work in progress for solicitors normally up to a maximum of 50% of the WIP that is not under a CFA if agreed.
· Security for costs requirements.
· Cases requiring funding from £25,000 to £5 Million considered.
Our specialised system allows us to provide specific examples instantly if we are advised of basic details of the case and the likely figures for:
Own Disbursements (Including counsel fees if not under a full CFA)
Own Work in Progress - if agreed.
Security for Costs requirements (if any)
Potential value of the claim.
Details of opponent(s).
Each case is subject to individual underwriting both from the ATE insurance and the litigation funding prospective and we will provide written indications of terms for both after receipt of a completed application form and appropriate documentation.
See funding examples.
==========================================
What type of cases do we fund?
These include:
- Contractual disputes
- Landlord and tenant and property disputes
- Copyright and intellectual property disputes
- Construction and engineering disputes
- Professional negligence - solicitors, accountants, surveyors, insurance brokers, clinical negligence and many others
- Partnership/company disputes
- Commercial agency disputes
- Banking and financial disputes
- Insolvency/bankruptcy related cases
- Defamation, libel and slander
- Investment disputes resulting from improper regulation, unfair treatment, expropriation and/or nationalisation by the host state that are subject to international litigation or arbitration (for example under the rules of ICSID, ICC or UNCITRAL).
In addition to the case types listed above we will also look at any reasonable funding requirements on case that has good merits.
Generally litigation funding is not available for non-financial remedy cases (injunctions, Judicial Reviews etc) but ATE insurance may be available for these matters.
As the funding costs are often much lower than use of a contingency fee from the award Insolvency Practitioners should ensure they have reviewed our funding option for each case they are involved in.
How do you find out more information?
- Call us on 0845 241 2076 and ask for Jane Kelsall or Bob Gordon – we are more than happy to discuss the case you have in mind in complete confidence. Please use this method of initial contact if any urgency exists for the matter to be funded and we will then be able to advise as to the best way to proceed. If it is easier, email to bob@ATEinsurance.com , giving us contact details and we will call you back.
- Complete an Application Form and submit it to us with the relevant documentation (a list of what is required is at the end of the form).
- If you would like to have a number of your partners and fee earners to get together and call us for a telephone discussion we would be happy to do this. You can ask all the questions you want and we will be able to give outline indications of terms for your cases during the discussion. We often use telephone conferences, with counsel and the clients also on the line, for specific cases. Debbie in our office will be able to tell you when we would be available.
- Please remember that with this funding and insurance system the client will almost always be obtaining the most competitive arrangement for funding the litigation that is on the market. It is imperitive that the client is given this funding option to put them in a position to make a fully imformed decision as to how to proceed for the solicitors involved to comply with SRA Rule 2.
Please do not hesitate to contact us to discuss any of the information set out in this information sheet. It is our view that the 1st Class Legal Funding system will quickly become the standard for litigation funding for the simple reason that in the vast majority of cases it is a lower cost system than the use of contingency fees.
Our testing has also shown that clients like the certainty of knowing upfront what taking the case forward will cost them if they win whilst wanting the protection against costs should the case fail.
It is also important that clients, in conjunction with the solicitors, can decide if they wish to use a private retainer, a full CFA or a partial CFA. Even under a partial CFA some of the solicitor work in progress can be funded – this can be very helpful espcially in the early stages of a case.
Having the funding in place to be able to instruct the best counsel and expert witnesses for each specific case is very important. Having funding in place also "levels the playing field" with opponents whp may have vastly more financial resources.
We have sensible reporting requirements on each case so that we are kept up to date with progress but we do not impose charging rates or specify counsel or experts – we provide the funding and commercial ATE insurance and allow you to get on with winning the case.
1st Class Legal (I.S.) Limited
