Legal Cost & Contingent Fee Insurance
ALF investment capital can only meet certain needs of law firms and their clients. Sometimes it is an inefficient and costly means to hedge risk of loss in a commercial claim investment. Insurance can provide a more cost-effective alternative to litigation finance. It also can provide the means for an otherwise risk-averse law firm to take an engagement on a pure contingent fee basis, with costs and invested fees insured or guaranteed. Insurance is sometimes a means to an end; sometimes it anchors a broader strategy. For example, an insurance policy can facilitate or provide collateral for law firm borrowings.
Legis is at the forefront of the industry in designing risk mitigation strategies to allow firms to achieve the increased revenues available through contingent fee engagements while managing the risk of an unsuccessful outcome. Legis has worked closely with leaders in the insurance market to develop a unique contingent fee insurance policy that provides coverage for a firm’s fees and expenses invested in contingent fee cases. Insurance can be used on its own or in combination with financing options. Legis will also fund the premium payment so there is no cash outlay for the firm which provides additional risk protection to the law firm.
These and other legal-risk insurance products developed by Legis for its law firm clients are permitting true “defense-side financing” and proving lawyers around the world novel ways to confront risk-related problems and opportunities in the complex commercial litigation world.