NewsDialy
AdvoCap Insurance Agency, a wholly-owned subsidiary of Nashville, Tennessee-based Advocate Capital, Inc., has launched a Case Expense Insurance Program for contingent-fee law firms across the United States.
The rollout adds a risk-transfer product to the suite of financial solutions Advocate Capital already provides to a segment of the legal market where firms routinely carry litigation costs on their own books with no guarantee of recovery.
What Contingent-Fee Exposure Actually Looks Like Contingent-fee arrangements put the law firm, not the client, on the hook for upfront litigation costs — court filing fees, expert witness retention, medical record retrieval, deposition transcripts, and more.
The firm advances that money and recoups it only from a successful settlement or verdict. Lose the case, and those expenses do not come back.
Keep reading