Did you know that, in cases where our clients act on a CFA basis for their clients, we also act on a no win, no fee basis when drafting their Precedent H Costs Budgets and recovering their costs?
What that means is that, if a Budget is drawn for a client, we do not charge for it at all unless the claim is won, and we do not raise an invoice until our client has been paid.
In respect of the costs of drafting a bill of costs and of negotiating settlement, we reduce our charges pro rata in line with the percentage reduction to our clients’ profit costs, meaning that it is in our interests as well as those of our clients to recover as much as we can on their behalf. So, if we recover 70% of a client’s profit costs once all disbursements, VAT and Counsel’s fees are deducted, we reduce our time costs by the same 30% reduction that our client has agreed to accept.
If a case goes to assessment, we only charge what the court awards, both in respect of bill drafting costs and the costs of assessment process.
By charging for our time in this way, our clients only pay us what is recovered from the paying party, and in respect of hourly rates, the only time our rate will equate to more than the guideline rate for grade D fee earners set down by the Senior Court Costs Office is when we recover in excess of 74% of your profit costs. And that seems like a good deal to us, especially since, in CFA cases, we will never ask to be paid until our clients have been paid.
Please get in touch if you would like more information on our fees and services, both in respect of costs and mediation work.