BusinessLegalLight At The End Of Tunnel For ‘cash-starved Businesses’...

Light At The End Of Tunnel For ‘cash-starved Businesses’ As Legal Funding Options Open Up

-

- Advertisment -sslate

With money tighter than ever, businesses across the UK are now able to benefit from a ‘lifeline’ legal funding option.

Businesses around the world are continuing to grapple with the effects of the global pandemic and the resulting economic shock. The added pressure of litigation disputes, the issue of lack of resources to secure competent and expert representation is not one business managers should have to deal with.

For businesses in the UK, profits have dramatically plummeted and this could cause a spike in commercial legal disputes. Considering this, Hallmark Solicitors, a commercial law firm based in Yorkshire have added Damage Based Agreements (DBA) to their roster of funding methods to help businesses through these unusual times.

Uche Akali, Managing Director of Hallmark Solicitors is of the view that by adding a Damages Based Agreement to its toolkit, companies who would otherwise not be able to stand up to bigger and well-funded opponents, to the detriment of their long-term future, now have a fighting chance of being able to weather the down-turn brought about by COVID-19.

Under this arrangement, Hallmark Solicitors, which is based in Hull and has offices in Leeds and London, will in effect take on half the risk of a litigation case. As a result, payment is required only on the success of a case. This puts an emphasis on the quality and effectiveness of representation a firm is able to provide.

Funding

Matthew Amey, expert legal funding speaker and director of TheJudge, suggests how vital legal funding options could be in the months to come.

“Cash-starved businesses will need a clear and workable regime for Damage Based Agreements more than ever before.”

He continues:

“Damage Based Agreements, litigation insurance and third party funding, whether separately or in combination, act as equalisers for SMEs in their pursuit of their claims.”

Matthew states the future of DBAs “could be bright,” especially if the “Ministry of Justice decide to adopt the recommended changes to the DBA regulations put forward by Professor Rachel Mulheron and Nicholas Bacon QC.”

Uche Akali concludes:

“Although Damaged Based agreements have been in existence since the Damage Based Agreements Regulations 2013, law firms have been slow to take this up. However, as the COVID-19 Pandemic continues in the UK, I believe DBA’s could become a lifeline to those businesses who need it most in the current crisis.”

Damage Based Agreements have been used as a funding method in the US for many years and the UK is slowly starting to adopt this legal funding method. This will be helped by the potential reforms in the months and years to come.

Hallmark Solicitors is a commercial law firm based in the heart of the business quarter in Hull, with consulting offices in London and Leeds. The firm, which was founded in 2009, specialises in Corporate Legal Services, Commercial Litigation and Dispute Resolution. Hallmark Solicitors pride themselves on offering clients an unrivalled standard of service based on careful and accurate research of issues which then enables the solicitors to offer pragmatic and focused pro-active advice reflecting the reality of the situation.

Sunshine Slate
Sunshine Slatehttps://www.sunshineslate.com
Sunshine Slate is your news, entertainment, music fashion website. We provide you with the latest breaking news and videos straight from the United States of America.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Hosepipe-Ban Garden Survival Guide

Sproutl’s Creative Director, Hollie Newton shares her top tips for gardening in a drought.

Inspiration & Ideas for Coffee Table Decorations to spruce up your Living Space

Once you have got one that fits in with the rest of your furniture, finding inspiration to decorate it beautifully is the next task. 

Massachusetts Ranks #1 in Child Well-Being

Massachusetts ranks first in the nation for children's well-being, according to the 2022 Kids Count Data Book from the Annie E. Casey Foundation.

Vote Expected Today in U.S. House on Inflation-Reduction Act

Health advocates are hailing the new Inflation Reduction Act, saying it would be the biggest health-care reform since the Affordable Care Act.
- Advertisement -

Florida’s Child Well-Being Report Card Shows Increase in Mental Distress

Children's advocacy groups are calling on lawmakers to do more to improve the well-being of Florida's kids.

Top Reasons That Show Why Roof Restoration Is Necessary?

These are just five of the major advantages of roof restoration to contemplate a potential home seller. Roofing sustenance is a crucial...
edealo.com
- Advertisement - Motel 6
transformerscon

Must read

Best Apps for your New Mobile Phone

We can install any app from the google play store very quickly. Let’s take a look at some most amazing apps for android mobile phones.

4 Easy Ways to Treat Yourself

Even the little act of purchasing new socks can make a great difference to your sense of contentment. Rather than purchasing impractical gifts, you could make life more enjoyable by spending less money on treats that make you happy at that moment.
- Advertisement -
- Advertisement -sslate

You might also likeRELATED
Recommended to you