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"Um, what about personal injury and clinical negligence?"

There are similarities and differences between PI and insolvency. Some differences are that:

1. In PI it is (as a rule of thumb) "no win, no fee". Often, but not always, an insurer is behind a defendant or the defendant is a corporate or body of means. In insolvency it is "no recovery, no fee". Recovery is limited to the defendant's assets. The risk profile of pursuing the litigation is (generally) greater.

2. In insolvency litigation, your client is...insolvent and as such a CFA is often the only way to fund claims.

3. In PI, Jackson increased the general damages awarded to offset the abolition of success fee and ATE premium recovery. In insolvency (and commercial litigation), he didn't do the same thing. So general damages for breach of contract for a commercial dispute is limited to what case law has developed around loss. Often (but not always) in insolvency cases, the office holder seeks a specific sum.

Julian Watson makes some valid points.