find the latest legal job
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Legal Inhouse / Lawyer / Company Secretary
Category: Other | Location: Brisbane QLD 4000
· Fantastic Company · Potential to be Part Time / Flexible Work Pattern
View details
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Firm boosts growth, revenue and cash flow flexibility

Firm boosts growth, revenue and cash flow flexibility

growth

An Australian law firm says adopting a new approach to managing cash flow has seen it reap significant rewards, including an increase in profit and further expansion.

Charles Filgate Giles & Associates principal Fil Giles said his firm has been utilising disbursement funding to manage “crucial” cash flow, which he noted is often cited as the “primary inhibitor” of business expansion.

Mr Giles said by using disbursement funding with the help of JustKapital Litigation Partners, the firm is able to remove any cash flow impediments to fund disbursements, enabling cases to move forward quickly and increasing opportunities to take on more cases and gain greater revenue.

Disbursement funding is described as the provision of finance for third-party costs (disbursements) that form part of any litigation. According to Mr Giles, this includes the funding of medico-legal reports, radiology reports, court appearance and filing fees, barrister fees and all other expert reports and expert witness fees.

He noted that this financial solution is powerful because it allows the law firm to defer payment of disbursements until settlement, or up to 30 months – whichever comes first.

“We’ve used disbursement funding to alleviate fund third-party fees for a number of years,” said Mr Giles.

“For instance, we had a medical negligence case that ran in the Supreme Court. It involved a complex spinal injury case of a young mother, whereby an artificial disc was inserted incompetently, which resulted in the client being crippled.

“JustKapital enabled this difficult medico-legal claim to continue to proceed when the financial resources needed to prove a main course of action were exhausted. We never would have gotten there, nor had a good outcome, had it not been for disbursement funding. The alternative would have been a settlement at the mercy of the defendant, who would have invariably agreed to the claim being folded and, in the process, cripple the client financially.”

Mr Giles said the firm has also used disbursement funding for a number of smaller personal injury cases to facilitate expert reports, medico reports, barrister and legal fees.

“This structure consistently removes the financial strain of running claims too small for litigation funding, yet too large to carry ourselves,” he said.

“We’ve found JustKapital to be flexible with cases and easy to deal with. They work along with us and endeavour to work a difficult problem out with us – which is important as litigation is high-risk.”

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Firm boosts growth, revenue and cash flow flexibility
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA welcomes religious freedom panel
06:04
LCA welcomes religious freedom panel
The Law Council of Australia says the establishment of a panel which will examine the human right to...
Law Society launched a new website, legal politics and lawmaking
06:00
Law Society launches project to engage young Aussies
The Law Society of NSW has launched a new website to engage young Australians in legal politics and ...
recognised for human rights work
06:00
LexisNexis executive recognised for human rights work
A LexisNexis executive has been announced as a finalist in a global awards program for women in busi...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...