So what does this mean to you?
Currently, if you make a successful injury claim you can expect 25% of it to go toward solicitor fees. This is a huge percentage of a claim and a potentially life changing sum of money when you consider the size of some settlements. This has led to many legal firms to raise concerns that this is leaving certain injury victims not fully compensated.
Victims of such injuries to, according to research by Quittance, are losing an average of £1,500, while critical injury patients could find themselves thousands out of pocket. This not only devalues the formula via which compensation is worked out as victims are not receiving the money experts say their rehabilitation program costs, it also gives solicitors motivation to settle a case early as they will already receive a substantial fee.
Neil Wilson, spokesperson for Quittance suggests that deductions faced by people has left them unable to afford vital treatment and care.
“Our research shows that people with valid personal injury claims are losing out on compensation that they deserve and, in some cases, desperately need,” said Wilson.
“People affected by serious injury may be facing months or even years of physical therapy, medical treatments and day-to-day care. Imagine you are told by a doctor that you need four months of physiotherapy to complete your recovery but you are only able to pay for three.”
How is it changing?
In a bid to help claimants keep more of their compensation Quittance Personal Injury has introduced a fairer ‘No Win, No Fee’ initiative. The company is seeking to soften the blow by reducing its solicitors’ success fees to a maximum of 15%, great news to any of our readers in need of assistance due to injury. You see how much compensation you could keep with their fairer initiative through the Quittance online compensation calculator.
Sadly the fairer ‘No Win, No Fee’ initiative is not compulsory for other firms, so it is vital to ensure you check what fees your solicitor would want to take in the event of a positive verdict on your behalf. This should be done before signing anything, and should be clearly expressed on your client/solicitor agreement.
It is hoped that the success of this will spread to other firms, eventually introducing a mandatory maximum solicitors are able to claim via ‘No Win, No Fee’ cases. Until then you just have to be vigilant of the small print when beginning your compensation claim.