How No Win No Fee Compensation Claims Will Benefit You
Everybody has heard of 'no win no fee' claims, but what do they actually mean? Are they as good as they sound when it comes to claiming compensation?
The good news is that this arrangement actually means what it promises. 'No win, no fee' means that you and your solicitor are working on the basis that you will only have to pay your solicitor's fees should you win your case. If you are unfortunate enough to loose your claim, at least you wont have to pay for all your legal costs on top of the injury or financial loss you have already sustained.
The other important promise with no win no fee compensation claims is that you should receive 100 per cent of the compensation and that the costs of your claim will usually be recovered from the other side. This is a 'win win' situation for you.
In every individual case your specialist personal injury solicitor will be happy to explain the ins and outs of your claim before you decide to pursue legal action. Your solicitor may also take out some after the event insurance cover which, could pay out for any disbursements incurred (e.g. the cost of obtaining medical reports etc.) and the other side's legal costs should you lose your claim.
One of the major worries of those making a claim is how much their legal fees will cost them if they were to fail. It doesn't take a lawyer to tell you that legal hosts can be very prohibitive and therefore it is very important that you find a funding method that best suits your circumstances. Whatever you think best, your method of funding must be enough to cover any potential costs arising from a claim.
The general rule of thumb is that providing you win your case, your legal costs of the claim will usually be recovered from the losing party, along with the agreed compensation for your injuries. The losing party will then be liable to pay all of your legal fees, plus any "success fee" claimed by your solicitor and your expenses (which includes any insurance premiums). If you are unfortunate enough to loose your compensation claim, the if you have taken out a "No Win No Fee" arrangement you will not be liable for your solicitor's fees and therefore you will not be out of pocket for pursuing your claim.
About the Author
Bonallack & Bishop are specialist injury claim solicitors (http://www.bishopslaw.co.uk ). For advice on compensation claims, contact their no win no fee lawyers today. Senior Partner Tim Bishop is responsible for all major strategic decisions at the firm, which he has grown by 1000% in 13 years. He sees himself as a businessman who owns a law firm.
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