Basics Of No Win No Fee Agreement Of Solicitor
A no win no fee case agreement depends upon the agreement between the client and the solicitor. The agreement is a conditional cost agreement. The agreement must contain some of the basic points.
1. Both the parties should draft a common agenda, which can result a successful outcome.
2. The agreement may provide and set certain outlays to be paid off (with interest) despite of any possible outcome;
3. The agreement should make a provision for the payment of an uplift fee;
4. The deed must be in writing, signed by the client;
5. Should have a declaration, that the client is well-informed about his rights to obtain legal advice independently;
6. There should be a cooling-off period, which should not be less five days. During this time the client can terminate the agreement.
What do you mean by an uplift fee?
The fees whatsoever charged in the No win no fee agreement is generally higher than the fees being charged in standard cost agreement.
According to this act, the law firm can charge a fee called the uplift fee in case of conditional costs agreement. This is an extra fee to be paid and is being paid only after the successful outcome of the case judgment. An uplift fee is usually calculated in percentage of the compensation.
The uplift fee should not exceed 25% of the compensation received. The uplift fee charges should be separately identified in the agreement. Again the lawyer must give the client an estimate of the uplift fee to be paid.
The 50/50 Rule
If you have the agreement with your solicitor and you are claiming for damages being caused by personal injury, than the act will make the agreement 50/50 Rule.
This protects the claimant in physical injuries caused. This provision ensures that, the claimants are not affected financially to a great extent.