According to a number of researches those lawyers working on a success fee do not particularly benefit in terms of profit with respect to those who practice hourly fee services. Those who agree to get a percentage of the winnings oftentimes tend to refuse the client, if they see the futility of the proceedings, while, performing work on the basis of billable hours lawyers have almost no risk and, therefore, they are less selective as a rule.
Indeed, there is a risk that the lawyers charged an hourly fee, may try to stretch the case by declaring unlawful demands and using a variety of procedural tools to extend the trial to sort out every detail, even if this is not necessary.
Most often, a lawyer will not abuse her position, because of the possible loss of trust of the client, which can adversely affect its business reputation. That is more applicable to individual specialists rather than large businesses. Thus, the reputable companies of Forster Dean Solicitors caliber, having a deep focus on accident claims and no win no fee practices, cherish their reputation and the short cash is not something it can be interested in.
Some customers think that the size of the ‘success fee’ is too large, but when you consider that a lawyer actually runs the risk that she would work for free – the amount doesn’t seem so significant. Even the minimum hourly rate of lawyers is quite high, although the actual amount of time and effort spent on the job may be less than specified in the contract.
Most often, companies use a mixed system of valuation services by applying success fee as well as fixed price quotes or hourly rates. This allows you to more intelligently manage the risks of the law firm.
In fact, a lawyer is another commercial player in the market of providing services that have a certain demand. Providing high quality services – a natural need of a competitive market participant.
Success fee allows the client to minimise the financial risks and to shift them to a lawyer who is not interested in delaying the process, and directly benefits from the case in case of a successful outcome. A rational lawyer will not take the job, if there’s a strong understanding that it is hopeless or implies excessive duration, because a large part of her remuneration depends on the outcome of litigation.
‘Success fee’ reduces the gap between the client and the lawyer: client understands in which case she will need to pay the representative. Of course, any settlement has its advantages and weak points.
Highly qualified lawyers with years of experience that has the necessary knowledgebase and expertise in winning tricky business, are quite likely to take the cases with the percentage of the winning amount. Thus, in deciding upon the form the lawyer will receive the reward, you must take into account various factors, but most importantly, pay attention to the experience and qualifications of the expert.