No win No Fee Agreement Explained
A facility to ensure your legal costs are covered in times of personal injury claims is described as No Win No Fee Agreement. It is one type of Conditional Cost Agreement that will be between you and your lawyer, agreed on the terms that you do not have to pay any disbursements unless the condition is met. It will be solely dependent on the successful claim of the money obtained from the settlement or compensation. If your application is not successful, you won’t have to pay for the work carried out. It represents that your legal costs will be covered in your claim compensation. Your lawyer is not liable to make any payment until the end of the case. You will need to understand how your lawyer will be charged and when their legal fees will be payable to not end up with a substantial legal bill.
Several Types of No Win No Fee claims
Many legal firms handle several types of claim with a no win no fee basis which includes –
- Accidents at work, factory or company
- Personal Injuries by slips, trips or fall
- Motor or Two-Wheeler Accidents
- Car accidents
- Clinical/medical negligence
- Falling over raised paving stones
While several legitimate companies claim to offer no win-no fee agreements, there are some hidden charges for their services that are not mentioned. Before hiring any services, it is better to check all the conditions instead of getting fooled later. Visit website and review some of the best law firms or lawyers with years of experience in this field.
How can a claimant afford the risk of no-win-no-fee, and when are the legal costs payable?
In the No Win-No Fee Agreement, a person awaiting their claim or filed a claim is at a risk-free position. This agreement protects the claimer from all the costs and disbursements of legal expenses until you have received the compensation. Even your solicitor will ensure to protect you with an After The Event insurance, in which if you lose your claim, the legal fees will be borne by the insurance provider. This fact makes it affordable for any claimant to get assured that if the claim is not successful, they won’t have to pay a penny. You are payable only when the claim is successful. When you receive the money for your compensation in the end, the legal costs will need to be paid.
However, there are circumstances when you do have obligations to pay under a no-win-no-fee agreement. It may arise when –
- You mislead your solicitor or fake about your claim.
- When you fail to co-operate with your lawyer correctly.
- If you terminate your claim at your own will, you will have to pay for all the costs and disbursements incurred by your legal company.
- If you fail to act by the agreement and the advice given by your advocate.
How is the amount of legal fees calculated?
Some legal firms charge their services on an hourly basis, while others charge a lump sum amount before the commencement of the claim. In a No Win, No Fee the payment for legal fees are figured by insurance providers. It is usually around half to two-thirds of the total legal costs, and it can also depend on how much compensation the claimant obtained.
Canceling a No Win No Fee agreement
There are some extremely rare cases when claimants cancel such No Win-No Fee Agreements. But if you are planning to terminate this agreement, then you have the right to cancel. Before signing the agreement, know that you are not payable for lawyer fees if you cancel the claim within 14 days. However, if you cancel the agreement after 14 days, you will be required and liable to pay all the costs borne by your lawyer for claiming your compensation.
