Throughout your life, a situation may occur in which you need to claim compensation. In this case, you may look to engaging a lawyer to help you through the process. One example is a superannuation claim when you’re unable to work for any medical reason.
Often, a ‘no win-no fee’ retainer will be available – but what does that mean?
This guide explains what the term ‘’no win-no fee’’ really means, what legal fees law firms are entitled to receive and why it’s so important for Australians to have the no win, no fee option available.
What is Meant by the Term ‘No Win, No Fee’?
You’ve probably heard the term before. No win-no fee a common basis for services provided by law firms.
Generally, no win-no fee means exactly what it says – if your claim isn’t successful, no legal fees will be charged against yourself by the law firm. All in all, a no win no fee lawyer can make the entire process affordable, and stress-free. However, it’s important to read the fine print – a contract or cost agreement can vary from firm to firm.
What Legal Fees are Law Firms Entitled to?
This is a common question, simply due to the fact that many think no win-no fee sounds way too good to be true. They become overly concerned about how much they have to pay out if the case is won, and many end up avoiding it completely.
To help you, let’s break down the costs involved:
When seeking legal representation in Australia, the cost of your total invoice will include something called ‘professional fees’. This is what your no win-no fee lawyer earns for the work they have completed, if they win your case.
Disbursements represent costs your no win-no fee lawyer incurs when they run your case. The funds are paid to third parties. This can make up a large part of your bill. It can include services like:
• Medical reports
• Forensic accounting reports
• Other expert reports
• Court fees
• Barrister’s fees (If your lawyer chooses to engage a barrister on your behalf)
You must bear in mind that no win no-fee lawyers in Australia are only allowed to charge you fees for the actual services they provide. This can be calculated through an hourly rate, or for each individual service. You are, however, able to instil a cap on their fees. This will provide you with peace of mind that the cost will never go over the desired amount and ensure there are no nasty surprises at the end of it all.
As with anything in life, there are risks involved throughout the claim – but they’re not as bad as you think, especially if you work with the right lawyer.
No win-no fee lawyers provide Australians with a valuable opportunity to access great legal representation, without finances being a barrier to justice.
Remember however, not all no win-no fee lawyers are the same – their skills may vary and so may the way they charge.
The Claimify team is always here to help, making legal claims simple, easy and stress free! Get in touch with us today to find out more.