Legal Costs. What should law firms be doing now?

As we approach the third anniversary of the LASPO changes of April 2013, it is vital that law firms are doing all they can to react to, manage, and address adequately the challenges facing the profession.

Indeed, while many of us oppose the reforms, merely reverting to social media and online forums, bemoaning our lot and reminiscing about how much better things were in the 1970s and 80s won’t see us succeed in today’s new legal landscape.

But what should lawyers be doing to protect themselves?

Well, as minimum, affected firms should already have fully implemented and managed systems in place dealing with:

  • The changes to and impact of CPR 36
  • The changes to the Conditional Fee Agreement regimes addressing issues of between the parties recoverability of success fees and the capping of the level of success fee payments that can be recovered from a client by reference to damages
  • The changes to the issue of ATE Insurance recoverability as between the parties
  • The Fixed Recoverable Costs regimes regarding Low Value Personal Injury Claims in Road Traffic Accident, Employer Liability and Public Liability matters
  • The Escape Provisions regarding the Fixed Recoverable Costs regimes
  • The principles surrounding and the pitfalls of Qualified One Way Costs Shifting
  • The mechanics of and the principles surrounding Costs Budgeting
  • The mechanics of and the principles surrounding the production of Precedent Q in costs case managed cases
  • The mechanics of and the principle surrounding the Provisional Assessment regime.

In addition, and assuming the above issues are being met, planning, preparations, reviews, and contingency planning should also be in full flow to address:

  1. The possible increase in the Small Claims Track Limit in Personal Injury matters
  2. The possible outlawing of “whiplash” claims
  3. Likely extensions to the Fixed Recoverable Cost regimes
  4. Increased use of Alternative Dispute Resolution processes
  5. Issues surrounding the Assignment of Funding Arrangements
  6. The Cancellation of Contracts Regulations
  7. Electronic Bills of Costs and J-Codes.

To find out more about the impending changes, and what your firm needs to do to ensure it is ready for the next round of changes, download our latest costs management paper: Should we all just keep calm and carry on, and help to protect your firm from an unprepared or mismanaged fate.

At Propus Law we provide a holistic range of services to help put your law firm on the front foot. To discuss this, or any other costs, compliance or risk management issue, please contact us today for a no-obligation chat.

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