This type of private funding agreement is similar to a conditional fee agreement, however, if you are successful, instead of your solicitor charging you on a time spent basis, the solicitor’s fees for the work conducted in pursuing the litigation is charged as a percentage of the damages recovered. The percentage is agreed at the time the parties enter into the agreement and can be no more than 50%.
In addition to any sums due under the DBA, you will also be responsible for paying your expenses or disbursements (barrister’s fees will, in certain circumstances, be included under the terms of the DBA). You may be able to claim your solicitor’s costs from your opponent if you are successful, but only the actual amount of these costs, not the percentage of the damages recovered that you are liable to pay your solicitor.
If you are unsuccessful, then in addition to your own expenses and disbursements, you may have to pay some of the fees and disbursements incurred by your opponent.
Subject to a full review and analysis of your case and the prospect of success, we may offer this form of funding.