Maximising costs recovery is a key area for personal injury solicitors. Time and again I’ve undertaken cost benefit analysis for firms on the value of using external cost consultants against in-house cost drafting and EVERY time external cost consultants prove more profitable when you take into account the costs recovered and the costs of drafting in-house.
Having paid an acquisition cost to generate a case in the first instance and having then run it to a successful conclusion on behalf of the client I never cease to be amazed how many firms then settle their costs for less than could have achieved.
Not only that but firms will spend time negotiating their own costs which could be better spent on running existing or opening new cases, so they lose out twice.
External Cost Consultants take these headaches away.
Of course Cost Consultants will charge for their services, but if you use Cost Consultants who are also solicitors they will charge the Defendant for undertaking the drafting and negotiation and not you. I work with a number of Cost Drafting Solicitors who fulfill the following minimum criteria:
- They should offer a FREE service – a Cost Firm should issue Part 8 cost only proceedings on every case (normally after 28 days) and serve notice of commencement immediately to obtain the earliest possible hearing date. By doing this the Cost Firm will limit their fees to whatever they recover from the other side which means they don’t charge you anything
- You should achieve faster and higher settlements – because Cost Firms issue proceedings and push for the earliest possible hearing dates they put the Defendant on the back foot to limit their costs and settle more quickly and at a higher amount because they will always prepare a detailed bill
- You should be able to earn additional success fees – because I only recommend Costs Firms which are firms of solicitors, they act as your agent and you can earn a success fee on the work they do
- Costs should be collected on your behalf – again because I only recommend Cost Firms who are solicitors they will collect the costs on your behalf free of charge and usually BACS payment directly into your bank account
- The Cost Firm should have on line case tracking – all letters and offers should be able to be viewed on line through the Cost Firms web site and those firms using Proclaim should also be able to use the scanning facility which means that the Cost Firm may not even even need the file
- There should be No minimum number of files – the Cost Firm should always be happy for you to use the service for any number of files, send one or two and give them a try
Whatever your current cost drafting arrangements I strongly recommend you contact me today to discuss the alternatives, after all costs recovery is your bottom line.