Lawyers often go wrong when explaining the financial side to clients, writes Verity Jackson-Grant
- How to ensure clients are advised of all the options regarding payment, financial products and risk.
The disputes funding and insurance market is no longer in its start-up phase. While new entrants have entered the arena, they join experienced players with well-established reputations, some with high profile wins under their belts. At the same time, corporate clients are working to tighter budgets and are asking their lawyers to be more accountable for their legal spend.
As the market has evolved, the products have become more sophisticated, making it increasingly difficult for lawyers to provide appropriate advice on the options available without the assistance of a specialist adviser. But advise they must—one way or another. Not only to attract and retain good business but also to fulfil their obligations under the Solicitors Regulation Authority’s (SRA’s) Code of Conduct.
Protecting clients
The SRA’s Code of Conduct sets out broad principles on how solicitors should put their
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