A Costs Lawyer was quoted in a recent edition of Costs Lawyer magazine as saying Costs Lawyers should:
“get as much experience and knowledge of costs budgeting as they can, as this will prove to be the main source of work for [them] in the future”
Presumably the logic of this is that we will get to a stage where receiving parties will know they cannot recover more than an approved budget and paying parties will know they cannot reduce costs below the approved budget. This will remove the need for bill drafting, points of dispute, costs negotiations and detailed assessment hearings.
The profession is in trouble if this is true. Costs budgeting can never replace the traditional income streams generated by costs work. If costs budgeting makes up the majority of the work that is left, then that is going to be a small pie to divide up between those still working in costs.