According to a recent article in the Law Society’s Gazette, a survey by a Manchester based law firm of FTSE 350 companies concluded that the vast majority of law firms are not complying with the professional code of conduct which requires solicitors to discuss with clients “where after the event (etc) insurance may be obtained” to cover adverse costs. According to the survey, a third of those responsible for litigation budgets have never heard of ATE and 16% had heard of it, but did not know what it was.
We provide this information as standard by providing (along with our retainer letter and terms and conditions) at the outset a specific document which sets out and explains not only after the event insurance but also alternative ways of funding litigation such as a Conditional Fee Agreement, Third Party funding and Contingency Fee Agreement and which is also a requirement under the Professional Code of Conduct. We not only advise clients/potential clients about the nature and availability of After the Event Insurance, but we also work closely with a number of Brokers to include (Halcyon Legal Services - Paul Nicholas-Gilbert and Universal Legal Protection - Richard Myrtle). In addition, this enables us to obtain (relatively quickly and at a cost effective premium) appropriate insurance.
If you are or thinking about becoming involved in a dispute and you wish to discuss matters to include sources of funding of legal fees in respect of any such dispute, please contact Robert Johnson.
Funding Options: Insurance
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
