The legal industry is characterised by intense competition and is expected to continue growing in this manner. Commercial litigation law firms and departments are in a progressively competitive market, facing annual escalations in competition, client pressure over level of their legal costs as well as the varying risk tolerances of clients.
Meeting client expectations has become a greater challenge as they anticipate more value for less investment. Furthermore, clients now have a myriad of options from which to choose, making it crucial to provide a unique value proposition to retain their business.
To maintain a competitive edge, it's crucial to incorporate a discussion on how After The Event (ATE) insurance and/or litigation funding might lower the overall costs for your client into conversations about potential litigation expenses. This approach in offering a number of litigation payment solutions helps in mitigating or diminishing the financial risks for your clients in the event the outcomes are not as expected.
Make it a standard practice to discuss the following 3 options with your client at the commencement of all litigation matters:
Conventional Payment Option: The client bears the financial responsibility of all legal expenses and the risk of an unfavourable outcome in their legal claim.
Insurance Option: Clients can opt for After the Event (ATE) insurance to mitigate adverse costs risk and cover own disbursements. Typically, premiums are only payable if the claim is successful, allowing solicitors to take on a higher caseload
Funding Option: Substantial risk reductions available to clients with litigation funding. This funding option empowers individuals and companies to draw upon the resources needed to pursue a diversity of legal claims
If you're interested in a workshop or seminar for your team that concentrates on litigation risk management and emphasises the importance of After The Event (ATE) insurance for all litigation matters, including those not mandated by litigation funders, or if you require case studies to provide to your client then please contact us.