You are only expected to pay your no win no fee lawyers fees if your case is ruled in your favour.
These fees are usually recovered from a certain percentage of the compensation awarded to you.
A no win no fee agreement is also referred to as a conditional Fee Agreement and is a formal, legal and binding written agreement that is written up between you and your lawyer.
No win no fee lawyers, as of April 2013, are allowed to take up to 25% of the compensation you recover for their success fees.
Knowing this, you should make it a point to discuss all payment terms and fees with your solicitor before signing any agreement.
1. A CFA or no win no fee is referred to as an agreement written up between the client and their legal solicitor.
2. If a no win no fee claim is lost, the client will not be expected to pay their solicitor any fees.
3. If the claim is won, the lawyer will earn their fee and in some cases a bonus or success fee from the opposing party.
Usually this bonus comes from an insurance company. In addition, you are awarded the maximum amount of compensation for your claim.
4. Additional expenses such as court fees or medical examination bills are paid by the losing party.
5. If you lose your no win no fee case, you might be responsible for the opposing party’s expenses which include their solicitors fees, court fees and more.
Because of this, your solicitor will most likely work with you to arrange what is known as ‘After Event’ Insurance prior to the court proceeding.
6. The ‘After Event’ Insurance is put in place to cover any fees incurred should you lose your case.
What if you lose?
If you have a decent lawyer, it is unlikely that they would even encourage you to move forward with your claim if they thought there was risk of you losing.
Most lawyers will only take these types of cases if they feel there is a good chance of winning.
Should you lose the case though, if you set up an ATE insurance policy before hand with your solicitor, you will not suffer any financial burden anyway.
Your insurance policy will cover any fees and protect you from having to pay out any additional legal costs to the opposing party.
There is usually a 3 year limit or less on most accident and personal injury claims.
If you feel that you might be entitled to compensation for an accident, it is worth looking into no win no fee lawyers to help with filing your claim.
Any advice they give you should be totally impartial and should not cost you anything.
There is no point in standing back and having to suffer for any injuries resulting from an accident when you can most likely get compensated for them.
A professional solicitor’s job is to advise you of your rights, fight for them for you and successfully win your claim so you are compensated.