Turn more strong cases into legal claims
The steep legal costs of litigation often deter both corporate and individual plaintiffs from pursuing valid legal claims. Balancing their own legal fees against the potential exposure to opponent legal costs discourages roughly 35% of potential plaintiffs from advancing their cases.
Think about the impact of a 35% increase in your revenue. Can you afford to overlook that potential growth? Educating clients about After-the-Event (ATE) insurance can empower them to navigate financial risks on a non-recourse basis, reducing their exposure to zero. Consider ATE insurance to offer this protection as a standalone product or alongside third-party litigation funding (TPF).
Our team at Vie Legal Insurance is here to help you educate your clients through detailed documentation and comprehensive assistance with applications to secure prompt approval. We also have strong relationships with Litigation Funders and can support your firm in obtaining portfolio funding arrangements.
Stay ahead of your clients
Although ATE insurance has only been available in Australia for a few years, client awareness is on the rise. As a plaintiff litigation lawyer, you don't want your clients to be more informed than you. We regularly receive calls from plaintiffs anxious about their legal claims and the associated financial risks, many of whom express concern that their legal teams haven't informed them about risk reduction opportunities.
While ATE insurance applications can be submitted at any point in litigation, it's advantageous to secure coverage early on. Misconceptions about this can lead to unnecessary client risk and less favourable policy terms. Understanding ATE insurance provides a competitive edge and can enhance client relationships and business development.
Shield your firm from financial risks
For law firms working on a contingency fee basis for class actions in Victoria, ATE insurance is crucial for protecting your firm from assuming significant adverse cost risks. It allows you to take on cases with confidence, knowing that adverse costs and disbursements will be covered if the case is unsuccessful. This risk management strategy encourages firms to pursue a broader range of cases.
Strengthen your legal strategy
An ATE policy can signal to your opponent that your case is strong because a third party has reviewed the merits and chosen to back it. Offer protection coverage, a feature of many ATE policies, provides financial security if plaintiffs reject a settlement offer but fail to secure a better outcome at trial. This strategic advantage allows your legal team to negotiate confidently, often leading to more favourable settlements.
Secure balance sheet stability
Portfolio funding for your law firm can improve cash flow by covering lawyer fees and disbursements, including counsel fees and expert reports. An ATE policy also eliminates contingent opponent cost exposure from your firm's balance sheet.
Let Vie Legal Insurance assist you
Vie Legal Insurance's decade-long experience in the legal insurance industry provides access to A-rated insurers and trusted funders both locally and abroad. Our specialised expertise is at your disposal with no upfront cost.
We understand that clients, law firms, and funders require timely, accurate, and competitively priced solutions. Schedule an introductory session with our team to discuss your needs or arrange a CPD breakfast or lunch session to learn how we can help your firm thrive.
Comentários