The below is an overview of the various fee and funding options we offer. We will advise which option/s are available to you and best suit the circumstances of your matter once we are in receipt of sufficient information to make an informed decision. VAT is charged and payable on all fees.

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BUSINESS DEBT RECOVERY

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In most Business to Business debt matters, we are able to offer to recover the debt Free of Charge, because The Late Payment of Commercial Debts Regulations 2013 provides for the reasonable cost of collection activity to be recovered from the debtor. Accordingly, the fee is added to the debt and collected at the same time. If the fee is not immediately recovered, we will pursue the debtor, via court if necessary and accept the risk of non-payment. There are circumstances in which you may not be able to rely upon the legislation e.g. contractual terms, but we will be able to advise if you are entitled to the benefit of legislation, which also provides for compensation and interest at 8% above the base rate.

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FIXED FEES

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This method of funding is not appropriate in every matter. However, if the matter is standard in nature we are able to offer a fixed price for the work involved. This is particularly appropriate to matters such as Power of Attorney or certain Property (residential excluded) transactions. Please feel free to ask if a Fixed Fee is available in your case.

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CONDITIONAL FEE AGREEMENTS (CFA)

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These are better known as ‘No Win No Fee’. Obviously, any matter considered for this method of funding must be capable of achieving a ‘Win’. Accordingly, the method lends itself to most types of Litigation and Debt Recovery, in which it is possible to measure success (the ‘Win’). Whilst all costs are recorded on an hourly basis, we do not charge if the client is unsuccessful and if successful, the court will usually order the losing opponent to pay the winners costs, which means, a successful client will recover the majority of the costs recorded and will only pay the difference. We are entitled to charge a Success Fee, which will be agreed with the client at the outset. The Success Fee is not payable by the losing opponent. However, in the event that the client fails to ‘Win’, TKN Solicitors is not entitled to payment of its fees. Cases with less than a 51% chance of success (assessed by TKN Solicitors) will ordinarily not be considered for this funding method. Success Fees start from 1% and rise depending upon the risk profile of any given matter.

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DAMAGES-BASED AGREEMENTS (DBA) 

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This method is similar to the CFA described above, but we agree a percentage share of the ‘Win’, instead of calculating the costs by reference to time spent. However, we are limited to the total percentage we can charge in certain matters and we are able to charge no more than 50% in any case, including VAT.

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HOURLY RATE

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For many clients, this is the least attractive option. The client is invoiced for all work done at an agreed hourly rate, with all standard communications charged in units of 6 minutes each. However, we are obliged to provide an estimate of the fees likely to be invoiced and regular updates. Whilst we offer a range of funding options, many assuming an element of risk, there are matters, which can only be funded by charging on an hourly basis e.g. Commercial Property. If litigation is funded on an hourly rate basis and the client wins, the loser will generally be ordered to pay the clients costs. However, rarely will such costs cover the entire fees incurred.

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LEGAL EXPENSE INSURANCE AND AFTER EVENT INSURANCE

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Many clients have the benefit of Legal Expense Insurance included in their Household Insurance Policy or purchased separately as a stand-alone product. Such a policy may cover the expenses of a matter. We advise clients to consider all policies. Further, membership of an organisation (Union or similar) may include access to an insurance policy, which may assist. Please check.

It is also possible to purchase After Event Insurance, to safeguard against losing a litigation claim and being ordered to pay the opponents costs and expenses. For obvious reasons, the cost of such a policy will depend upon the risk profile of the matter. We will be able to obtain a quotation if required.

Please note, VAT registered clients are responsible for payment of VAT on all invoices, whether or not, an opponent has been ordered or agreed to pay the costs of the whole and/or part of a matter.

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