A Tip and A Thought

If, in the Tailored Fixed Fee scheme, your average reported profit costs slip 20% below your fixed fee the LSC can reduce this, with retrospective effect. Monitoring your average against the TFF is therefore vital.
We have observed this occur on a couple of occasions now.
The first tip is simply to argue your corner. The scheme was sold to the profession on the basis that you could increase profit on Legal Help by making “efficiency savings” in the conduct of cases – but obviously not more than 20% efficiency savings. A client has however now successfully argued this point, having made more than 20% efficiency savings, and their TFF has been left alone.
The second remember WIP and those larger files yet to be billed in the contract period – not always conclusive but potentially effective.

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December 2005
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