Bringing the world’s first litigation funding online marketplace to life – FINLEGAL.IO
The arrival of litigation finance in the UK was driven by the disputes boom that followed the 2008 financial crash.
Most lawyers understand that third party funding offers an effective non-recourse way for clients to finance claims using external funds in return for a slice of the resulting settlement or a return based on a multiple of sums advanced.
The variety of litigation funding on offer is increasingly complex creating a quagmire of options for lawyers and the clients making it very difficult to ensure clients are getting the best deal. Knowing how to select the most appropriate funding deal for your clients requires experience which is difficult to acquire given that lawyers do not habitually use finance and the market is always evolving.
Scouring the market for the right finance arrangement is a time-consuming process and traditional brokers ultimate add cost to the process. If you don’t understand the nuances of the range of funding options available, then how do you know that you are getting the best value for your client? If you don’t get the best deal could this given the client grounds to complaint or even worse?
At the same time, funders need legal case information to be presented clearly and concisely to ensure they can expedite funding decisions. Sounds reasonable, but the result is more and more forms for lawyers to fill in for each funder they approach. This costs clients money and lawyers time.
This is where FINLEGAL.IO comes in. We’ve been working with law firms and litigation funders to develop the world’s first litigation funding marketplace: FINLEGAL.IO.
Our bold new solution provides lawyers with a way of accessing multiple funders simultaneously using legal technology which both guides lawyers and saves them time. Put simply, you make one application and send it to market with all the supporting case information. After that you can sit back and wait for the responses. You can then choose a funder based on the commercial terms on offer, including cost and timescale for due diligence, and the funder will then undertake the deeper due diligence in accordance with the agreed time scale.
We want to hear from litigators and funders about what else you would like to see on this platform. Register for our BETA programme to join others with early access to this ground-breaking platform prior to launch.
