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Demand for Litigation Funding Is On The Rise

The demand for alternative funding is always on the rise. If you are looking for a few tips on litigation funding, then look no further. This article can come in handy for you. In this article, we have discussed a few ways through which you might be able to get the best deals out of litigation funding services.

Litigation is an expensive piece of business indeed. It can even get risky in certain circumstances depending on the nature of the case and the funds.

So let’s take a peek at them without further ado.

Consult with your lawyer on the amount of your claims

You need to set up your case properly to bring the odds of winning in your favor. You need to consult a competent lawyer for the very same purpose.

Remember, your litigation funding company always looks into these things before they provide you with your funds. This is a business for them and hence, they’ll want to know whether you have high chances of winning your claims or not. Your winning guarantees them high returns; so naturally, they’ll strive hard to look into these things before investing in your case.

An accountant report coupled with a credible lawyer’s report can easily strengthen your litigation funding application. So consider consulting with any one of them.

Split your litigation cost

Litigation funders don’t like to see just a compact sum of money on your application. They want to see more.

For e.g.,

If you apply for a total litigation funding of say $50,000, your application will most probably be rejected. That’s because they didn’t see the individual areas in which you are going to spend all that money for your legal case.

Hence, you need to provide them with a few more details. For that, you need to know what you want. You need to know it well. Break down your total sum into individual areas and you’ll fix up a deal in no time.

Take some professional advice

If you want to get your hands to an attractive deal, it might make a bit of sense to invest a few at the start.

You may think of consulting with your lawyer and get his/her professional advice on those litigation funding services that can serve you the best in the long run. The consulting session might cost you a few bucks out of your pocket but it’s really worth the money.

Note: Always think of these consultation fees as a form of investment; NOT a cost. It’s an investment that has a high ROI indeed.

Explore options

You have plenty of options in the market as far as litigation funding services are concerned. So don’t hesitate to explore a few.

Don’t just go in with a single option in mind. Be a little flexible with your options. Who knows? You may easily get a better deal somewhere else.

Cooperate with the funding company

Litigation is a time pressured exercise indeed. Its funding just adds more fire to it.

Among all such pressure, don’t forget to interact with your litigation company from time to time. Ensure that you respond to their queries on time. Cooperate with them throughout your campaign and they’ll surely return the same favor to you in the long run.

You will turn into a valued customer in no time.

Possibilities of success

The more your chances of success, the more chances you have to secure yourself good funding opportunities.

So if you think you have high chances of succeeding in your case (always take professional legal advice for matters like these), highlight those strong points to your litigation funding company. Such a step may very easily increase your funding offers at attractive rates.

Lastly, we would like to say that failure’s bound to come your way as far as application of litigation funding is concerned. You might have to face rejection in several places for different reasons whatsoever. But never think of that as the end of it.

Strengthen your case and resubmit (yes, you can always resubmit if you want). You might get lucky this time you know. 

Third party funding in intercontinental arbitration typically involves a funder agreeing to pay a certain percentage or all of legal expenses and fees of the claimant in exchange for a reimbursement of the direct outlays and a percentage share of the sum recovered as a resolution of the claim. 

The use of this kind of funding has been growing over the last few years especially due to the benefits associated with it. We will discuss this in greater detail in this post. So pay attention as carefully as possible.

 

Third party funding for claimants

 

Each and every third party funding arrangement for a certain value of claim should be unique and must have followed a detailed commercial negotiation. The arrangement should be structured to suit:

 

· The specific interests and needs of the parties.

· The arbitration.

· The dispute.

· The laws governing the dispute.

 

Third party funders typically seek a share of the recovery in the range of fifteen to fifty percent depending on the risks and costs involved in the funding of the dispute. This fee may also increase over time reflecting the additional risks and costs incurred as a result of the dispute.

What if the claim fails?

If the claim doesn’t succeed, the funder receives nothing. S/He also remains liable to pay for any fees due to the claimant’s lawyer. 

Remember, a funder’s decision of funding is purely an investment decision; nothing more, nothing less. When faced with an option to do so, the funder typically assesses several factors to determine the financial risks associated with the litigation including:

· The odds of success,

· The amount of the claim.

· The factors related directly to the arbitration including the arbitration agreement, the arbitration seat, and most importantly, the respondent’s capacity to meet any award. 

Benefits Of Third Party Funding In International Arbitration

· Financial support and risk management

Third party funding doesn’t only provide support to pursue a claim, but also provides opportunities for financial risk management associated with the same.

For example,

The legal fees and other conveyance costs associated with an international arbitration claim can be substantial, often running into millions of pounds for both parties. Third party funding takes care of it all. 

· Facilitating an easy access to justice

The importance of third party litigation finding in easing access to justice is broadly accepted in many jurisdictions and has been strongly supported in Wales and England. 

Parties with limited financial resource, but meritorious litigation claims, can use this service to enable those claims to be successfully pursued within a particular time frame.

· Experienced help

Most of the firms offering this services are run by experienced former lawyer who are primarily focused on getting efficient, timely, and successful resolution for the best achievable value. 

A veteran funder will be able to help the claimant and the lawyer when required during the progress of the arbitration. 

So this is where we will sign off for the time being. Hope you had a nice and enlightening read.

 
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