30 April 2015Print This Post

Simple solution to accelerate costs recovery

KO CE

Kate Oliver, Chief Executive

Leading firm of costs lawyers and draftsmen John M Hayes are proud to announce its partnership with Fee Solutions Limited, providers of finance for solicitors to facilitate effective costs settlement.

Kate Oliver, chief executive, said that “……this was an exciting development and one that would be key in furthering the company’s prominent position in the field of inter parties costs, and would be an important platform to increase its market share.” Kate went on to say “……the principle bone of contention with all solicitors is the ever lengthening time that it takes paying parties to settle costs claims, the demands of cash flow resulting in frequently compromised settlements, which otherwise in many cases would not have been conceded.”

The Costs Award Accelerator Solution provided by Fees Solution Limited offers, at a very modest cost, a simple, easy to administer system to assist solicitors when a case has concluded, in negotiating their costs with paying parties on a more equal footing.

Mike Dobson, director of Fees Solutions Limited, said “Fee Solutions is delighted to welcome John M Hayes to our select panel of Costs Lawyers and Costs Draftsmen and wish them continued success. We anticipate being able to enhance their already high reputation for outstanding customer service and innovative solutions and look forward to helping smooth the cash flow position of their partner Law Firms.”

For a very modest tax allowable charge, or lend fee, the benefits of this scheme are:

  • No set up fees
  • No draw down fees
  • No monthly interest charge payments
  • No requirement to make any payment out of the office account
  • No personal guarantees required from the firm
  • Up to 80% of the cost award valuation as an advance

Mike added “……at a time when even the most successful and well established firms are faced with cash flow pinch points, we feel this is a very timely association between our two businesses, looking to work together in order to bring about a fee solution.

 

 



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