The overall concept with Keystone’s ‘Wrapper’ ATE policy is that a Law Firm replaces the typical CFA based success fee plus ATE approach to running cases with a private retainer and a ‘Both Sides’ ATE policy. This approach means a single deduction from the client’s damages that is an insurance premium, and in addition to own disbursements and adverse costs the policy provides cover for unrecovered own costs, effectively replacing the success fee. This change in approach provides two immediate benefits:
- Simplicity - a simple message for your Clients with just one deduction, a percentage premium from damages, typically between 25 and 30% with nothing else to pay
- Cash flow - the single premium will be paid by the client upon receipt of damages and a claim can be submitted under the policy for own costs whilst awaiting costs recovery from the defendant’s
Additionally a private retainer approach helps mitigate future claims by clients based on challenges to the Firm’s CFA.
The Keystone ‘Wrapper’ policy has a number of variables that can be adapted to suit each Firm’s case mix, volumes, attitude to risk, etc, and we would be happy to discuss your own situation and requirements in more detail.
For a no obligation discussion and to find out more, contact us or call on 01252 354100