No Win - Half Fee Legal Service Launched

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With money tighter than ever, businesses across the UK are now able to benefit from a ‘lifeline’ legal funding option.

For businesses in the UK, profits have dramatically plummeted and this could cause a spike in commercial legal disputes. Considering this, Hallmark Solicitors, a commercial law firm based in Yorkshire has added Damage Based Agreements (DBA) to its roster of funding methods to help businesses through these unusual times.

'Covid is tough but the added pressure of litigation disputes and the issue of lack of resources to secure competent and expert representation is not one business managers should have to deal with', claims the legal firm.

Uche Akali, Managing Director of Hallmark Solicitors, is of the view that by adding a Damages Based Agreement to its toolkit, companies who would otherwise not be able to stand up to bigger and well-funded opponents, to the detriment of their long-term future, now have a fighting chance.

Under this arrangement, Hallmark Solicitors, which is based in Hull and has offices in Leeds and London, will in effect take on half the risk of a litigation case. As a result, payment is required only on the success of a case. This puts an emphasis on the quality and effectiveness of representation a firm is able to provide.

TheJudge

Matthew Amey, expert legal funding speaker and director of TheJudge, suggests how vital legal funding options could be in the months to come: “Cash-starved businesses will need a clear and workable regime for Damage Based Agreements more than ever before. Damage Based Agreements, litigation insurance and third party funding, whether separately or in combination, act as equalisers for SMEs in their pursuit of their claims.”

Uche Akali concludes: “Although Damaged Based agreements have been in existence since the Damage Based Agreements Regulations 2013, law firms have been slow to take this up. However, as the Covid continues in the UK, I believe DBA’s could become a lifeline to those businesses who need it most in the current crisis."

For more information about Hallmark Solicitors or for more information on funding a litigation case - Click Here.

Picture: A lawyer - image by espartgraphic.

Article written by Cathryn Ellis
06th December 2020

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