Litigation funding is coming of age, as COVID-19 led to severe dispute resolution innovation. With the judiciary process coming to a halt in spring 2020, corporates, plaintiffs, and legal firms all wanted to fast-track hearings and resolutions. They also rooted for clearing backlogs, and the need for legal funding rose significantly.
Legal funding for personal injury cases is a whole new investment stream that hedge fund managers are packaging and selling to investors. The valuation of these cases is based on the expected judgment value, and more than $25 million worth of investments were made in the industry by 2020.
Read on to know all about the funding of personal injury cases.
Legal Funding Can Tide You Over Till Your Get Your Settlement
The defense will try to prolong the trial process, hoping that you will agree to a smaller settlement amount as you run out of funds. It has been known to happen. With a legal funding firm to back you up, you can take care of your expenses while you wait for the judgment. You do not have to give in to the financial pressure.
Types Of Cases Covered
Legal funding for personal injury litigations has a broad purview. It covers cases such as vehicle accidents, medical malpractice, slip and fall, premises liability, defective devices, and so much more. You can expect to get funding for just about any personal injury claim. All you need to do is apply for financing by entering the type of case, the location, the attorney’s name, and details.
Borrowing Made Easy
Litigation finding is similar to taking out a loan; only the lender is your future self. It is quickly approved based on the facts of your case, and you can apply online. Once approved, you get the cash within a day or two. The best part is that you can pay when you get your settlement, and you do not need a credit check.
Qualifications To Get Legal Funding
While it is easy to get funding, your case needs to meet the minimum criteria to qualify. Firstly, you should be above 18 years of age. If you are underage, you do not qualify. Next, you should have a claim against an insured party. An uninsured party will not pay the damages, and therefore you will not get funding for your injury case.
Finally, you should already have a lawyer working on the issue. If you plan to handle the case filings yourself, think again. Researchers found that clients who retain personal injury lawyers have a better chance of getting a settlement they deserve and therefore are given funding.
Personal injuries can vary widely, and the time to resolve the case can be prolonged. To avoid succumbing to the financial pressure and accepting a smaller claim amount, you can get legal funding for personal injury cases, and the fight will make all your might to win the settlement you deserve. Funding companies will back you up with monetary support, and you can repay after you get your settlement amount.