Litigation finance allows third parties to give financial support to many different types of civil lawsuits, and despite having critics, the practice has grown into a major industry here in America and internationally. However, do you know how litigation finance helps people?
Four Reasons Litigation Finance Helps
- Increases Access To Justice: The United Statesâ€™ justice system is built on equal justice for all, but the system has become so tangled up in filing fees and other expenses that it can take thousands of dollars to get anything done, but litigation financing can help by allowing people to better handle these expenses.
- Managing The Risk: Litigation funders also help consumers by removing part of the risk they take on when they take a case to court. Without funders, a plaintiff would take on the entire financial responsibility of a case, but with a funder, that risk is lessened, because repayment of legal funding depends completely upon whether or not a plaintiff gets a positive settlement or verdict.
- Time Savings: Insurers and big companies are professional defendants, and their most powerful weapon is delaying a case so long that a plaintiff canâ€™t afford to continue the case, but litigation funding can change that. Often companies will make fairer settlement offers or take measures not to delay a case, if they know the plaintiff is getting financial help and wonâ€™t be affected by delay tactics.
- Personal Injury Help: The legal funders at Beacon Legal Funding offer up to $50,000 in settlement advances that plaintiffs can use to pay medical bills, car payments and rent. This can make it easier for personal injury victims to pursue settlements and verdicts that will actually help replace what their personal injury has taken from them.