What is a success fee?
If you win a personal injury case you may have to pay a success fee or contingency fee to your solicitor. This is because they may not be able to be recover all their costs from the losing party. This fee must not be more than 25% of your compensation.
In this video Dominic Moss, senior partner here at Stonehewer Moss solicitors, explains the fees solicitors charge in Personal Injury Claims.
Why do I have to pay 25% of my injury claim to my solicitor?
I get a lot of people come in and ask me about the success fee element of a solicitor’s costs. Sometimes they have been somewhere else, sometimes they are coming in to see if they want to instruct me or not to act for their personal injury claim.
The reason is that a few years ago, I think it was 2013, the rules changed, and you can no longer get all your costs back from the defendant, even if you won your claim. This is something that is sort of particular to personal injury and it is because of what the government at the time saw there being a problem with personal injury claims. They created an arrangement where the client now, the injured person, has to pay a percentage of their damages towards their claim in most circumstances. You have probable seen the figure 25% because that’s actually the standard amount solicitors tend to charge. It is actually the maximum amount.
So if you are being charged 25% it might be worth giving us a call because sometimes it might be if you have got a very high value claim that 25% is not the appropriate amount, or you may have some other form of funding which means that you don’t have to pay a percentage at all. So, if you are looking at solicitors and your thinking why am I paying 25% of my claim out or will I be doing and your thinking of making a claim on that basis please give me a call first. If it is 25% then I will tell you why it is 25%. But if it is different, if it is more or less, then I will also let you know and at least you will be able to make an informed decision as to whether or not you want to go ahead with the situation where you are paying, what sometimes can be quite a big chunk of your damages to a law firm. So, if you want more information about that please don’t hesitate to give me a call, my names is Dominic Moss or you can visit our website, or there is lots more information on our YouTube channel.
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