Slater and Gordon's new planner litigation product

Law firm Slater and Gordon has launched a new service which it claims is specifically aimed at assisting people who suffer loss as a result of receiving bad financial advice.

The new service, carrying the trade-marked name RECOVER, was launched by Slater and Gordon’s head of commercial and project litigation Ken Fowlie, who said it would “fill a void in the Australian legal market by giving mum and dad investors options, including not having to pay upfront the ongoing legal costs of often expensive litigation to pursue valid claims against negligent advisors”.

“It will give people the option of pursuing justice without worrying about throwing good money after bad investment,” he said.

The Slater and Gordon announcement claimed that for many individuals the upfront cost of legal action or the risk of adverse costs had discouraged them from pursuing their legal rights unless as part of a class action.

Under the new product being promoted by the law firm, investors will be able to get a fixed price assessment on the merits of their case, with some eligible clients being given access to success fee arrangements.

The company said that insurance could also provide protection for eligible clients if a claim ultimately proved unsuccessful.

Fowlie described the product as innovative for Australian investors with the prospect of a “no win, no fee” arrangement for their own legal fees as well as the potential to access insurance in relation to the other sides’ costs.

He said the model was already widely available to claimants in the United Kingdom.