The government has decided that the Fast Track will be extended to cases valued up £100,000 and thus that Fixed Recoverable Costs will be extended accordingly. Clin Neg are excluded because they are the subject of a separate review. There are 4 categories of complexity which will determine the level of costs allowed.
In case you missed it, below is a link to the LS Gazette article which sets out some detail with the suggested figures. Also below is a link to the full Impact Assessment and Government Response, should you wish to read it.
It doesn’t say when this will be brought in, but they are at the rules-drafting stage. You’ll need to do some prep and modelling to see how this will impact your business.
Law Society Gazette article: Click here
Original Papers: Click here for access
Should you wish to explore how this might affect your firm finances feel free to contact us for a chat. One of our consultants is an expert in Law Firm Finance and Ingemar is an ex-litigator. [email protected] or 07887 524507
