Wed, 16 Sep 2015
Funding litigation has become crucial for many people and businesses considering commencing or already involved in litigation. With civil legal aid virtually non-existent and the post-Jackson adverse changes on costs in no-win no-fee arrangements, people are turning to alternative ways to pay for their disputes. Often this might simply mean taking out or extending existing loans and overdrafts. This can be haphazard, uncertain and often at rates that are punishing.
Fortunately in response to this need a system of payment plans has been devised by Dr Yuri Rapoport of ‘Legal Cost Finance’. This is a financial product endorsed by the Bar Council as an accredited service partner. In summary, credit worthy litigants can obtain unsecured funding to pay lawyers’ fees within 24 hours on an application at low rates of interest. The cost of the interest and set-up fee can be offset by a modest reduction in the lawyer’s fees to ensure the work is retained. The good thing is that while this product is ideal for public access work it can also be used by solicitors to instruct counsel too. You can helpfully read about this product in ‘Counsel’ magazine'.
Aricle written by No5 Chambers Barrister Kevin Leigh.