A simple solution to accelerating costs recovery

Leading firm of costs lawyers and draftsmen John M Hayes is proud
to announce its partnership with Fee Solutions Ltd, providers of finance for solicitors, to facilitate effective costs settlement.

Kate Oliver, the company's chief executive, said that this was an exciting development, which would be key in furthering the company's prominent position in the field of inter partes costs, and would be an important platform to increase its market share. Oliver went on to say that 'the principal bone of contention
with all solicitors is the ever-lengthening time that it takes paying parties to settle costs claims, the demands of cash
flow resulting in frequently compromised settlements, which otherwise in many cases would not have been conceded'.

The costs award accelerator solution provided by Fees Solution Ltd offers, at a very modest cost, a simple, easy-to-administer system to assist solicitors in negotiating their costs with paying parties on a more equal footing when a case has concluded.

Mike Dobson, the director of Fees Solutions Ltd, said: 'Fee Solutions is delighted to welcome John M Hayes to our select panel of costs lawyers and costs draftsmen and wish them continued success. We anticipate being able to enhance their already high reputation for outstanding customer service and innovative solutions and look forward to helping smooth the cash-flow position of their partner law firms.'

Cost award accelerator solution

For a very modest tax-allowable charge, or lend fee, the benefits of this scheme are:

• No set-up fees;
• No draw-down fees;
• No monthly interest charge payments;
• No requirement to make any payment out of the office account;
• No personal guarantees required from the firm; and
• Up to 80 per cent of the cost award valuation as an advance.

Dobson added that 'at a time when even the most successful and well-established firms are faced with cash-flow pinch points, we feel this is a very timely association between our two businesses, looking to work together in order to bring about
a fee solution'. SJ