For any business, one of the largest concerns with legal advice – whether to prevent litigation, partake in dispute resolution or navigate court proceedings – is the unpredictability of budgeting both the time and cost for business. This situation often leads to companies writing off debts or not having the resources to fully pursue or defend a dispute that could otherwise be favourably resolved.
The potential liability for legal fees, and threat of having to pay the other parties’ costs, are rarely proactively considered in a company’s yearly budget. As a result, it can be difficult to ensure adequate funding is available at short notice, should such a situation arise – and also to predict the detrimental effect they can have on the balance sheet.
All too often these key considerations for businesses are not taken into account when law firms are estimating their fees. This is further compounded by the fact that frequently the options put forward are simply hourly rates depending on the work involved.
There are in fact a suite of potential ways to budget for and fund legal costs, depending on the needs of each business. Very often the risks associated with loss can be insured against, and funds can be deferred or incurred depending on whether an agreed result is achieved.
We can offer clients a variety of charging and payment options, such as:
Our aim is to ensure that your business understands the cost and risk profile of a potential dispute, and the variety of methods available when it comes to funding your case. We’ll also make sure that whichever method you choose is bespoke to your business needs.