Accountants, financial directors and in-house lawyers will have reason to rejoice from 1 October 2023 when the new Fixed Recoverable Cost Regime comes into force in England and Wales. It will apply to the overwhelming majority of money claims where there is between £10,000 and £100,000 in dispute.

The Legal Services Board estimated in May 2022 that around one third of small businesses experience a legal issue annually. However, only one quarter sought professional advice and half either attempted to resolve the matter themselves or took no action.