FeeSolve is not a single product, it is a collection of solutions available to meet your needs. FeeSolve is a unique, innovative risk management and funding package for commercial claims. It is designed to give clients certainty in relation to costs and reduce the financial risks faced by clients when bringing a claim, by offering a variety of alternative funding arrangements.
Third party funding is an arrangement where a professional funder or investor invests in a case and agrees to fund the costs of litigation, with a view to receiving a return on its investment if the case is successful. If the claim is unsuccessful, the funder receives nothing and loses their investment.
FeeSolve helps clients chose the right funding option to better manage their cash flow, reduces pressure on their budgets and removes some of the inherent risks of litigation, which in turn enables clients to negotiate from a position of strength. FeeSolve's expert team will work with you to ascertain which of the funding solutions best meets your needs and objectives.
This is where Fieldfisher funds your claim (including court fees, expert fees and counsel fees) in exchange for a share of the damages recovered (not by reference to time incurred). Fieldfisher being paid is therefore contingent on a successful outcome to the claim.
A conditional fee agreement is an agreement between a lawyer and client, where the lawyer agrees to work for a reduced or no fee. If the case succeeds, fees are charged at standard rates with an agreed percentage uplift. If the case fails, only the reduced fee (or no fee) is payable.
Where no fee is payable in the event of a loss, this is referred to as a no win no fee agreement.
An indicative timetable is:
- 1-2 weeks for the Application
- 1-2 weeks for the case review
- 1-2 weeks for insurance to be arranged
This timescale is indicative and may need to be extended in certain cases. For example, we may need to obtain an independent third party opinion on the prospects of your litigation (from an expert or counsel). This will extend the process. We will keep you updated and, if this is necessary, give you an updated timescale.
Fieldfisher will not charge the cost of the time spent by Fieldfisher's Contingency Committee and funding team to you. However, the lawyer with conduct of your case may charge for their time assessing your case. The lawyer with conduct of your case will let you know what costs they are likely to incur.
If an opinion is needed, we will let you know. The cost of an opinion will ordinarily need to be funded by you. However, in exceptional cases, Fieldfisher may agree to fund the cost of the opinion.
The lawyer with conduct of your litigation will provide you with our proposed terms and an illustration. These terms remain subject to change until you are issued with a funding contract (a DBA agreement).
ATE insurance is an insurance policy purchased in respect of a specific piece of litigation, known as After The Event insurance.
The standard rule in litigation is that the loser is responsible for the winner's legal costs. There are exceptions to this rule which the lawyer with conduct of your case can explain. Funders of the losing party may also be pursued for the winner's legal costs. It is therefore in both our interest and your interest that this risk by insured. The cost of insurance will in most circumstances be contingent (meaning you only pay if you win) and deferred (meaning you don't pay until the conclusion of the claim). The cost of ATE will be payable from your share of the damages. If a contingent and deferred premium cannot be obtained, we will discuss with you how this is to be funded.
ATE will be arranged by an insurance broker. We routinely work with the Judge Global, a specialist firm of insurance brokers. If you have an existing broker experienced in the ATE market then we can work with them.
The success fee is not a recoverable cost (i.e. not recoverable from the other wise, and not recovered from insurance).
The DBA fee itself is not recoverable. However, our ordinary time costs (representing a proportion of the DBA fee) may be recoverable. We will continue to record time as if we were being paid on an hourly rates basis. These are the incurred time costs that may be recoverable. The recoverable costs will be offset against the DBA fee.
Unlike ATE, which is a policy taken out by you, Contingent Fee Insurance is a policy taken out by Fieldfisher to insure some of Fieldfisher's financial exposure.
The policy is arranged and paid for by Fieldfisher from its share of the damages, there is no charge to you.
You are encouraged to take independent legal advice on the terms of the funding contract.
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