I have been unable to get a loan from my bank to fund divorce proceedings and my solicitor has suggested I use the sears tooth agreement. I would prefer not to but cannot see another solution. To continue with this my solicitor has given me a Deed of Retainer and Assignment which I need to get signed by an independent adviser. I would welcome any views on this and what I am getting myself into. I feel as though I may be selling my soul to the devil!
If you have reservations about the agreement you should not enter into it.
From the solicitor''s point of view, they are taking a risk in taking on your case and they are entitled to do anything they can to decrease the level of risk hence the Sears Tooth.
You should also bear in mind that this type of arrangement is effectively a credit agreement and the solicitor is agreeing to extend that line of credit to you based on certain contractual obligations. You would be surprised how many benevolent solicitors fund their client''s case to the end only to have it thrown back in their face when the final bill is submitted.
It is a double edged sword but you can both benefit from it if you choose to proceed with the agreement.
Its also worth knowing that if you sign this you agree the practice get their money first from the settlement and you get the balance after discharge, they don`t seem as common as they once were, probably because solicitors just can`t afford the risk.