Specialist law firm funders, SpectraLegal Ltd has launched a unique ‘Court Fee Funding’ solution for the UK’s claimant clinical negligence and personal injury market.
There has been massive hike to the cost court fees since 2013 (in some instances by as much as 620%). These increases have been crippling for many law firms, as well as their clients. Spectra’s new funding solution aims to alleviate cash flow pressures and ensures that the best interests of clients are always at the forefront of the litigation decision making process.
The ‘Court Fee Funding’ solution works by providing law firms with a flexible facility that they can use to pay court fees – from costly initial issue fees to smaller interim application costs. The funding solution, which is unique in the marketplace, enables firms to pay court fees without impacting on cash flow or affecting overdraft borrowings.
“One major benefit is that by having this drawdown facility a firm can improve its ability to issue court proceedings in a tactical and timely way” says SpectraLegal Director, Matthew Gwynne. “It also reduces dependence on overdraft borrowing, and in a sector where cash is increasingly king, firms are looking for accessible solutions such as this.”
