During recent weeks, some of our experienced brokers have been discussing the newly published Justice Bill with regional lawyers, seeking their feedback and thoughts about the future.
Unsurprisingly, the newly published Justice Bill confirms the intention to implement the reforms put forward by Lord Justice Jackson including the abolition of recoverability of ATE premiums and CFA success fees (click here for our recent blog on this subject).
We have spoken with a range of regional litigators specialising in professional negligence, clinical negligence, insolvency, intellectual property as well as general commercial contract disputes and, whilst the views on the reforms are not identical of course, there seems to be a general consensus that any implementation will lead to opportunities for innovation in both the legal services arena and the risk transfer market.
Even if some will lament the abolition of recoverability of after the event insurance premiums and CFA success fees, there is still a desire for litigation funding and insurance solutions to help lawyers manage their clients’ legal expenses risk.
We have had great opportunities to hear what different legal communities think of the current market and where it is headed and we look forward to continuing the dialogue.