What does No Win No Fee really mean? It is a term everyone will have heard of and are possibly slightly wary of. Over the years at Universa Law, we feel the term ‘No Win No Fee’ has been somewhat hijacked and cheapened to entice people into making claims, when really it was introduced as a way for people with smaller incomes to still be able to make claims when Legal Aid cuts and changes were introduced in the early 2000s.
The media hasn’t helped either, often creating sensationalism around people complaining that they have been hit with hidden or unexpected fees and facing hefty bills under a ‘No Win No Fee’ agreement. Indeed, the effects of sensational stories can last for a long period of time in society and can change perceptions.
However, at Universa Law, we are here to put your mind at rest that No Win No Fee agreements can open up justice for everyone. We pride ourselves on integrity. It is one of our core values, and as such, it is our responsibility to reassure you that with Universa Law you’ll be in safe hands for the duration of a claim, and it is our duty to make sure you fully understand the No Win No Fee agreement before entering into any agreement.
What is a No Win No Fee agreement?
Simply put, it is an arrangement between you and your solicitor:
If your compensation claim is unsuccessful, you will not have to pay a fee for your lawyer’s services.
If your compensation claim is successful, you will have to pay a fee for your lawyer’s services.
No Win No Fee agreements are possible as your lawyer will take out a 3rd party insurance policy on your behalf before starting your case. This is to cover any costs incurred during the compensation claim. These costs could include court fees, medical reports, and other expenses. The insurance policy also covers you financially should you lose the claim, as then the insurance will pay out the other side’s costs. Furthermore, you will have nothing to pay towards the cost of the insurance if your case is lost.
If you win the case, you will have to pay the cost of the insurance premium. This will be in addition to the fee you have agreed to pay your solicitor for winning the claim. Many people are curious about what percentage No Win No Fee solicitors take. This amount is known as the ‘success fee’ and is calculated in accordance with the terms of the No Win No Fee Agreement you sign before your claim starts. It is usually expressed as a percentage of your compensation and capped at no more than 25% of the damages recovered. Additionally, Universa Law always aim to recover the majority of our legal costs incurred from the person or company responsible for causing your accident or injury. This also helps to reduce the deduction from your overall compensation amount.
Universa Law solicitors are specialists in personal injury and negligence claims and has a very high rate of success as No Win No Fee solicitors. Each year, our specialist solicitors represent hundreds of people who have been injured or a victim of clinical negligence, and we secure millions of pounds of compensation for clients.
If you or a loved one have suffered an injury or illness in the last three years that you believe was someone else’s fault, please call the Universa Law team on 08000 121130 or contact us.