With the advent of the current coronavirus pandemic, law firms up and down the country are having a difficult time in terms of legal cost recovery. As such, our costs team have put together brief instructions for firms to follow if they hope to maximise their cost recovery during the current situation.
How to get the most out of your legal costs
With fewer vehicles on the roads from the beginning of the UK lockdown, and hospitals rescheduling all but critical care and procedures, firms have seen a decline in instructions from prospective new clients.
Also, with fewer people in the workplace for the duration of lockdown, employers’ liability claims are also on the decline. Furthermore, in the difficult economic climate resulting from the UK lockdown, many commercial clients are seeing a reduction in revenue which, in turn, has affected decisions on any potential litigation and the costs associated with the same.
It is critical that firms maximise costs recovery from existing cases currently proceeding through the litigation process.
Below, we’ve listed some pointers on how to go about achieving this for your firm:
- ensure you have a valid retainer in place with your current clients
- provide clients with the best possible costs advice to enable them to budget accordingly, and to circumvent disputes over fees later
- make sure there are comprehensive attendance notes on your file for the time spent. Has all time been recorded accurately?
Remember, in cases to be costs budgeted by the Courts, ensure any budget filed puts your clients’ best cases forward, to make sure sufficient allowance is made for the work required to take the case to conclusion. An inadequately prepared costs budget is difficult get rectified once approved.
If you require further assistance with your legal cost recovery and getting the most out of your cases during the COVID-19 pandemic, contact our costs team today. You can phone us on 0330 947 220, or request a call back and we will call you.