Legal Cost Management
As a result of the changes to the Civil Procedure Rules in April 2013 Costs Budgeting became mandatory for most Multi-Track cases and the essence of effective cost management has become pivotal to any successful law firm.
It is essential that litigation is planned effectively so as to maximise cost recovery. The path of litigation needs full and proper consideration and the contingencies factored into the cost budget, which will be exchanged between the parties under a strict timescale, prescribed under the Civil Procedure Rules and directions given by the Court together with the required format namely a precedent H and precedent R. These are agreed between the parties if possible or approved by the Court following a Cost Case Management Conference and recorded by the court.
It is very easy for things to go wrong and this could be catastrophic to the cost recovery between the parties, especially following the requirement to serve a precedent Q with the formal bill of costs, as the Court will take agreed budgets into account when assessing costs at the conclusion. It is crucial that your Costs Budgeting is accurate and more importantly correct and that the appropriate representations are made against those of your opponent.
When instructed you will be allocated a cost Lawyer who will prepare the precedent H and provide a step by step process of what is required, should the cost Budget require updating it will be the same Cost Lawyer who will have contact with you for the purpose of continuity. The Cost Lawyer will work with you at every step of the way to ensure they capture your requirements with respect of the cost budgeting process.
Our very detailed services include the provision of a full Costs Budgeting and Management service, including;
- Drafting an initial Precedent H together with advice:-
- A Comprehensive analysis of the case will always be carried out.
- Accurately recording incurred costs (to avoid any discrepancy).
- Detailed analysis of future costs provided, including detailed work anticipated and time associated to the fee earner to analyse.
- Detailed breakdown of future individual disbursements counsel fees, medical fees to travel expenses.
- Will contact counsel to obtain estimate fees on behalf of the fee earner.
- Commenting on the other parties Budget and preparing a precedent R.
- Following the receipt of the other party’s precedent R we can provide advice as to how to deal with these.
- Negotiation with opponents for the purpose of completing discussion report prior to CMCC.
- On-going monitoring to ensure your spend is within Budget for each phase of the litigation process:-
- If the Costs Budget is likely to be exceeded, we can advise you of the required revisions and update the Budget accordingly.
- Advice on updating budget throughout the case and applications to amend/vary the budget.
- Liaising with fee earner as to the future progression of the case to provide an analysis against the approved Cost Budget.
- Amending budget once approved by court for filing.
- Turnaround Time/Urgency. Ability to prepare precedent H budgets on a very urgent basis.
- Deferred Fees until settlement of the entitlement as to costs.
We are able to accept very late instructions; we have a free nationwide courtier who can urgently collect files.
If you require any assistance concerning Costs Budgeting & Management, feel free to call our Costs Lawyers now on 01704504090 or complete the online contact form.
- Read Our Customer Testimonials -
Cost Chambers - A true hidden gem in a saturated legal costs industry. I find Cost Chambers to be reliable and efficient. They have a tenacious work ethic that ensures a successful outcome and will go that extra 10 yards to ensure a profitable result. RF
Knowledge & Experience
Our deep knowledge base has been acquired through our wealth of experience and by keeping abreast of current developments, enabling our clients to focus on their case, leaving everything else to the Cost Chambers team.
Effective Case Management
Case Management is a collaborative process which: assesses, plans, implements and evaluates the options using communication and available resources to promote quality cost effective outcomes.
Professional, Proud & Efficient
We are proud of our achievements; we work passionately, efficiently and we are dedicated to achieving the best possible results for our clients. All whilst operating to the highest standard of professional integrity.
Cost Draftsmen & Lawyers Based In Southport
Call us today on 01704 504090