✒️ Damages-based agreement
A damages-based agreement is a contract between a lawyer and client in which the lawyer agrees to take a portion of any damages recovered from the opposing party in a lawsuit. The agreement may also stipulate that the lawyer will only be paid if the case is successful. This type of arrangement is often used in personal injury cases.
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Section 58AA Damages-Based Agreement
Section 58AA of UK law governs DBAs by providing a legislative framework for legal practitioners to enter into contingency fee agreements with their clients. This legal template acts as a guide and a model for lawyers, solicitors, and law firms, offering a pre-drafted agreement that adheres to the specific requirements and regulations outlined in Section 58AA.
The template includes various provisions such as the appointment of solicitors or barristers, the scope of legal services to be provided, and the terms for calculating and distributing fees in the event of a successful outcome. It also addresses potential scenarios such as termination of the agreement, cost liability in the case of unsuccessful litigation, and procedures for dispute resolution.
This legal template aims to ensure that both parties - the legal practitioner and the client - have a clear understanding of the agreed terms, reducing any ambiguity or dispute that might arise during the course of the legal representation. As Section 58AA DBAs carry certain legal obligations and restrictions, this template provides the essential legal language and contractual framework to protect the rights and interests of all parties involved in the agreement.
It is important to note that while this legal template offers a comprehensive starting point, it is highly recommended that legal professionals review and tailor the document to fit the particular circumstances and requirements of each individual case. Additionally, adherence to all relevant UK laws and regulations is crucial to ensure compliance and the validity of the Section 58AA DBA.
Publisher
Genie AIJurisdiction
England and WalesAssociated business activities
Enter into a DBA
A DBA can provide certainty to both parties as to how much the legal fees will be in the event of a successful outcome. A DBA can also help to manage costs as the lawyer will only be paid if damages are recovered and the amount recovered will be offset against the legal fees.
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