How Recovery First maximise value using costs lawyers

avoiding sra intervention

Recovery First helps law firms withdraw from specific sectors of the legal market whilst ensuring maximum value is recovered by the exiting law firm. Our alternative approach ensures that both donor and panel firms maximise the value locked up in the files through a fully outsourced, managed and compliant run-off.

We use our panel firms of solicitors to bring the case to a conclusion, and thereafter, we will use one of our panel firms of costs lawyers to maximise the recovery of costs both through the preparation of budgets during the course of the litigation, statements of costs, bills of costs and negotiations. 

Our cost lawyers support our panel firms from both a technical and regulatory perspective, giving both donor and panel firms peace of mind that all their hard work will actually get rewarded in the form of bills being paid.

Victoria Morrison-Hughes from our panel costs firm, Integral Costs outlines the role of a costs lawyer, and explains how they enhance our process.

What does a Cost Lawyer do?

Put simply, a cost lawyer’s role is as an independent, regulated and authorised professional entity to advise on all costs related matters. 

Legal costs is a highly complex area of law in its own right — frankly, it is an absolute minefield. To make matters worse, the case law is ever-changing. All this does is increase your chances of getting caught out.

Cost Lawyers are regulated and are required to maintain a high level of Continuous Professional Development. This means that cost lawyers will be up to date with any new developments and regulatory requirements regarding the issue of costs. 

We take the “tricky” specialist costs work away from you to either maximise recovery and minimise exposure.

We act as an intrinsic part of Recovery First’s model, allowing solicitors to focus on helping their clients’ win their case. 

 

How does it work in practice?

 

At the time of drafting the costs information, the Recovery First costs panel firm splits the claim between donor and panel solicitor firms. At this early stage, we highlight any issues which may impact on costs recovery. These issues inform the independent and unbiased assessment by the costs panel firm of the likely outcome of the costs recovery process.  

The assessment informs the apportionment to be applied on settlement of the costs of the case. The percentage apportionment is made before any challenges by the paying party have been raised and does not change in light of any challenges.  

All Recovery First costs panel members are specialists, and their sole objective is to optimise both firms’ positions. 

 

How can Recovery First assist?

 

Recovery First assists law firms in exiting any legal market. The unique scheme is suitable for law firms and professional advisors, including accountants, merger and acquisition consultants, restructuring and insolvency lawyers, insolvency practitioners and corporate recovery specialists.

Services are suitable for all types of legal work, using a simple, ongoing process with no up-front costs.

100% confidentiality is guaranteed for all clients. If you would like to find out more about Recovery First’s process, feel free to contact a Recovery First director either by email (david.johnstone@recoveryfirst.co.uk or sally.dunscombe@recoveryfirst.co.uk), telephone (07887796989 or 07774 205870), or fill in the form on our “Contact Us” page, and we will contact you to discuss the process.

It's never too late to speak to Recovery First. Contact us now in the strictest confidence

Sally Dunscombe:

sally.dunscombe@recoveryfirst.co.uk

David Johnstone:

david.johnstone@recoveryfirst.co.uk

Telephone:

01357 440140

Manchester Address

106 Kennedy Building

Murray Street

Manchester

M4 6HS

Registered Address: 

North Torfoot

Drumclog

Strathaven

ML10 6QG