Funding Your Personal Injury Case

Funding Your Personal Injury Case

What is a No Win, No Fee Agreement?

The expression ‘no win, no fee’ is often used in personal injury claims. It is used as a way of funding a compensation case where the accident victim does not have the means to pay for legal action.

If we feel your case has good prospects of success, we will usually agree to proceed with your case under a ‘no win, no fee’ agreement. The ‘No Win No Fee’ Agreement is another name for a Conditional Fee Agreement (CFA).

One of the most important features of a ‘No Win No Fee’ Agreement is that if you do not succeed in your claim, then you will not be liable to this firm for our fees. To find out more about funding your personal injury case, please get in touch with our team today.

What is After the Event Insurance?

Although you might not have to pay our firm’s fees if you lose, you may be personally responsible for payment of your opponent’s costs and expenses. For this reason we always try to offer the ‘No Win No Fee’ Agreement in conjunction with an insurance policy so that you will not incur personal liability for your opponent’s costs should the claim fail.

This means that you will not have to pay any fees if you lose and you will therefore be able to pursue your claim with a considerable degree of security. This legal expenses cover is known as after the event insurance.

If you lose, the insurance premium may be self-funding and may pay for itself. If however, your claim is successful, you will be responsible for the payment of the insurance premium and the same would be deducted from your final compensation.

We can assist with arrangements for this type of legal expenses insurance and advise you on how much cover it provides you against your opponent’s legal costs. If you require information on the insurance available and the cost of that insurance, please contact our team for more information.

The Success Fee

Running a legal action on a ‘no win, no fee’ basis with costs insurance means we are taking the largest financial risk. In ‘no win, no fee’ cases, if you lose we don’t get paid, but the insurance will cover any exposure to the other side’s costs and your own disbursements. As a result of this risk, we will charge a ‘success fee’:

• The success fee is capped at 25% of your damages. For example, if your claim settled for £4,000, we would deduct £1,000 from your final compensation.
• You will be expected to pay the success fee from your compensation.
• No success fee is payable in the event of an unsuccessful outcome.

The Circumstances in Which You May Have to Pay Our Fees

There are instances where you may be responsible for our fees. For example:

• In the unlikely event that you should wish to end the ‘No Win No Fee’ Agreement, you will have an obligation to pay our basic costs, unless we agree to await the outcome of your claim.
• In the event you fail to provide us with instructions or fail to co-operate with us in any way, we would hold you to be in breach of the ‘no win, no fee’ agreement.
• You may also be responsible for some of our fees if you win. This situation may arise if we cannot recover all of our costs from the opponent. However, in the event of a successful outcome, we would hope you will recover most if not all of our costs from your opponent.

If you need any further guidance or information as to how to fund your claim, please contact us and we will be happy to explain legal fees and funding options to you.

Get in Touch with Beacon Law Today

Beacon Law are specialist personal injury with a wealth of experience in dealing with all types of claims, from road traffic accidents and injuries at work to medical negligence cases. We can provide you with specialist legal advice on making a claim and guide you through the process, whilst negotiating the best settlement for your accident and injuries.

We offer our services on a no win, no fee basis, which means you only have to pay our fees if we win your case for you. To find out more about making a claim for a no-win, no fee basis, have a look at the funding section on our website.

For a free, no-obligation assessment of your claim with a member of our legal team, please call us today on 0330 1332 857 or complete our online enquiry form and one of our experts will call you back.

Beacon Law is authorised and regulated by the Solicitors Regulation Authority.

Frequently Asked Questions (FAQs)

How can I fund my personal injury claim if I don’t have the money upfront?

You can fund your claim through a No Win, No Fee Agreement (Conditional Fee Agreement). This means that you don’t need to pay for your claim upfront, and you will only need to pay legal fees if your claim is successful. If your claim is unsuccessful, you won’t have to pay your solicitor’s fees.

What does claiming privately mean?

Claiming privately means funding your personal injury case without relying on insurance. This could be through a No Win, No Fee Agreement or by paying your solicitor directly. If you win your case, your opponent may pay your legal costs, but if you lose, you could be responsible for your own and your opponent’s legal fees.

What happens if I win my claim under a No Win, No Fee Agreement?

If you win your claim, you will need to pay a success fee to your solicitor. This fee is usually capped at 25% of your compensation. The rest of your legal costs are typically covered by your opponent. Your solicitor will explain all fees before proceeding with your case.