Are No Win No Fee Lawyers Worth The Risk?
A no win no fee solicitor sounds like a really sensible move to help you with your claim for injury compensation but what is really involved? This article explains what you need to know before you go and look for one.
This means that the lawyer gets no money if they lose the case. However,
if they win the case, they are to be paid not only the normal fee which they would have usually got, but also they will be paid a success fee as well. This success fee covers for the losses that the solicitor might incur if they lose a case. This situation is called the no win no fee law. The no win no fee system is the name given to the conditional fee in the English legal system. The proper name of this law is the Collective Conditional Fee Agreements or CCFA.
What Do You Mean By No Win No Fee scheme?
The no win no fee law applies to civil cases only. But since they take your case with a risk of loss, if they win you have to pay a success fee in addition to the normal fee that they will charge you as a lawyer. There is a risk involved in the way they take your case because their hard work does not ensure payment, but winning the case does. A client will not be charged any fees if the attorney loses the case. The success fee of any attorney, after they win the case, varies from country to country. In many countries, like the United States of America, the success fee is settled by the client and the attorney before the case is fought. However, a reasonable rate is priced in accordance with the local rules. In England, the success feel cannot be at a rate more than 100 % of the normal fee. Hardly, any attorney can charge 100% though. A very important point to remember is that your agreement should be signed through the Collective Conditional Fee Agreement, failing which your agreement will not have any legal standing. Both of the parties involved must sign it for further reference and use. These are the conditions and terms involved in the no win no fee scheme.
Advantages Of The No Win No Fee Law
The law has been made to help the common people with their cases. Once a lawyer has signed to the agreement, they will try their best to win the case because their fee depends on it. They get their usual fee along with an extra fee for winning the case. So, efficiency is expected from the lawyer. This makes the lawyer more trustworthy for people who want their money’s worth. Unless this law is there, the attorneys can take their client for a ride because they know their fees will be paid anyway.
Disadvantages Of The No Win No Fee Law
The disadvantage of the no win no fee law lies in the fact that many a time a lawyer works very hard, in spite of which they lose the case. But, mostly attorneys refuse to take cases on the no win no fee law unless they are sure about winning the case. Besides, in most cases, the attorney only picks up those cases for the no win no fee agreement which they are most likely to win.
