Providing a high-quality Cost budget service tailored to your requirements.
Here at IG Legal, our Law Cost Draftsmen have extensive experience in all aspects of cost budgeting. With a wealth of knowledge they fully understand the process and need for precise, timely, and accurate budgeting in preparation for litigation.
Our vast experience and unrivalled insight into cost budgeting allows them to supply the opposition with thorough documents that are meticulously prepared and realistic in their approach. Their ability to prepare Budget Discussion reports coupled with their negotiating skills ensures all of our clients benefit from a service that is second to none.
Advising & Preparing cost budgets
We advise Solicitors in the accurate preparation of reliable and precise cost budgets. With years of experience in cost budgeting and the overall legal process, we can ensure well documented and exact costing estimates for all budgets which are meticulously thought-out, making them difficult to challenge by opposing Solicitors and the Court itself.
All of our highly experienced Law Cost Draftsmen work in a collaborative approach when advising on cost budgets, this ensures a quick and effective turnaround. Given the strict timescale for preparing and agreeing on a cost budget, it is imperative that care is taken to ensure the final budget is reflective of the individual aspects of the case. An external viewpoint will generally reap additional benefits and our expert knowledge can be invaluable.
Our services reflect the urgent nature of the work and our team guarantees no matter how urgent, any budget will meet the highest standards and expectations.
The consequences of not getting cost budgeting right the first time can be disastrous and expensive. If a cost budgeting deadline is missed and a party fails to file a cost budget, the Court can order that only court fees can be budgeted for in a case. It is therefore vital in those circumstances that a immediate relief from sanctions application is made. Another consideration and possible pitfall are an undervalue of cost within within the party’s approved budget and its effect on the overall recoverable costs that can be made in such a case. If work or disbursements are incurred outside of a budgeted phase it is highly unlikely that this will be recovered from the paying party in any subsequent cost assessment process.
What Does A cost budget Include?
A Cost Budget (often referred to as Precedent H) is a Court document detailing the initial costs, identifying costs incurred to date, and containing the accurate prediction of an future costs that will be incurred, including trial. Certain aspects are not included in the cost budget prepared such as VAT and the costs of cost budgeting themselves. In the case of interim applications, these are usually exempt from cost budgeting and if successful will be picked up at the conclusion of a within the preparation of a well-drafted bill of costs.
Within the cost budgeting process, the actual cost of the budget preparation and cost management are not included within the figure allowed on the budget, however, if a party is successful in the action, these costs are still recoverable from the paying party. The recovery of these costs are contained within Practice Direction 3E and are capped at their respective prescribed percentages of 1% and 2% of the approved costs budget.
Advising & Preparing opponents Submissions
IG Legal will also assess the opponent’s budget, ensuring continuity and accuracy throughout the entire process from start to finish. Through detailed analysis and rigorous reviews, the draftsmen can effectively assess opponents budgets and provide well-thought-out reasonable recommendations and advice.
IG Legal will then prepare the required budget discussion report – ( also known as a precedent R) and carry out all of the necessary budget discussions thereon. The intention is to narrow any issues wherever possible and to agree on a document to be filled with the court recording both sides final costs budgeting positions which greatly assists both counsel and the court alike at the subsequent CCMC.
IG Legal can advocate on your behalf to resolve any cost budget issues at any Costs and Case Management Conference (CCMC). This is why it is important to use the same costs specialist throughout the entire process as the approach remains the same, the specialist has a greater understanding of the issues in the case, avoiding duplication and minimising additional fees.
The level of experience IG Legal can bring to the entire cost budgeting process means that they respond through approach to Court proceedings and all of your budgeting requirements. You can be rest assured even if the hearing relates to entirely to the parties budgets that our consultants can take your place, ensuring the best outcome for you and your clients.
We pride ourselves on the strong working relationship we have built up with our clients and the individual Fee Earners. We understand that no two Solicitors work in the same way and have different needs that we need to satisfy.
Our team actively encourage our clients to come to them with any queries or instructions that they may have regarding our service or the process. This allows us to quickly identify and resolve any queries or issues that might arise as we work together, preventing any potential loss of costs.