Fieldfisher has launched FeeSolve, a risk management and funding package for commercial claims designed to further strengthen the firm’s sector-leading litigation and arbitration practice.
The new product is spearheaded by the firm’s litigation and arbitration practice, and is designed to give clients certainty in relation to costs and reduce the financial risks of bringing a claim, by offering a variety of alternative funding arrangements, most notably Damages Based Agreements (DBAs). While commonplace in the US, DBAs have rarely been offered in the UK. Under a DBA, fee earners will charge by reference to a fixed percentage of litigation damages, as opposed to the usual hourly rates. The firm sees the product as placing Fieldfisher firmly in the litigation funding marketplace. In addition to DBAs, the FeeSolve portfolio comprises a package of funding and insurance options including: conditional Fee Arrangements (CFA), Third Party Funding (TPF) and Insurance for Before and After the Event (BTE/ATE). Although developed by Fieldfisher’s litigation and arbitration experts, the service is available across all the firm’s practice areas and interest in the different funding options on offer is already high. In particular, the firm is seeing strong demand for litigation funding and insurance among clients involved in commercial disputes and international clients pursuing claims in UK courts.
Commenting on the launch of FeeSolve, Tony Lewis, dispute resolution partner at Fieldfisher, said FeeSolve is being offered at a time “when demand for transparency and certainty in legal costs is escalating rapidly. Litigation funding and insurance products are becoming mainstream in the UK legal sector.” Mr Lewis says Fieldfisher has always been a pioneer in this area, and explains “It has always been a common misconception that litigation funding and insurance is reserved for those with an inability to pay. While litigation funding and insurance can assist such clients, it can also support other kinds of legal services user, including corporate clients, who are looking to share litigation risk and effectively manage their external legal budgets.