An individual sustained an injury as a result of an accident is eligible to submit a claim, if an injury is suffered through the fault of a 3rd party. Actually, a mostly transparent mechanism is oftentimes underestimated by the potential consumers, which is nothing but a result of a lack of competence on the principles of its function. Thus, in aspiration to protect the budget from additional expenses, people tend to give up the idea of submitting accident claims.
A no win no fee system has been brought to effect to protect an individual from upfront payments and increase the chances for receiving compensation. Therefore, a person can hire a solicitor and proceed to filing the claim with practically no risks for their financial condition.
No Win No Fee true meaning
Nowadays, despite the introduction of major changes in regulation, finding a solicitor working on ‘no win no fee’ basis is almost a no-brainer. So what does it look like? Find the lawyer that offers the most suitable terms and proceed with your claim – no fees are required to be paid in overwhelming majority of cases: if a solicitor fails to win the case, you will not have to cover legal expenses. In the words of one syllable, the agency or an individual is ready take on all the risks of your case. In return, if a claim is approved, you will have to pay a ‘success fee’.
So how it works?
A true to type ‘no win no fee agreement’ implies rewarding a solicitor only if the case is won; in this scenario a part of the compensation is transferred to the lawyer. Starting from April, 2013, a solicitor is allowed to establish a percentage of the damage a customer recovers, which is called a ‘success fee’. The fee may equal up to 25% of the compensation provided to recover the injury suffered.
Before proceeding to the case, the agency requests signing an arrangement, also called Conditional Fee Agreement. The arrangement represents a formal, legal document describing the terms of agreement between both parties. Check the payment terms section before signing a document and request comprehensive information on all the surcharges and extra fees applicable.