How one form can change the litigation funding industry
When it comes to securing litigation finance, the lawyers FINLEGAL.IO has met with in recent months say the process is lengthy and repetitive, with low chance of success. In fact, the lawyers we have spoken to say applying for litigation funding can involve [tens of partner hours, so it quickly becomes an expensive.
What can be done to ease the experience of applying for litigation funding?
This is a growing and dynamic market. Each funder has its own investment criteria and each application process is different to reflect that. This means lawyers must spend time making sure they have the right pieces of information for the right funder.
However, with most applications currently being made on paper, getting the best deal for your client could mean making six different applications to six different funders. This can soon become costly, but if you want to secure the best deal for your client then this is what you must do.
Funders too find the application process difficult. We have spoken to many who worry that they receive applications which are thin on detail, so more information is needed from the firm before they can even get started on the due diligence phases of assessing a dispute for funding. It is often that case that lawyers and client’s expectations can be difficult to manage.
When funders are finally able to make an offer and have commercial terms ready, it can be disappointing to then lose the opportunity to rival because its decision-making process was quicker and all that due diligence expense is wasted.
FINLEGAL.IO will change the way litigation funding applications are made in England & Wales, cutting out the repetition and making it easier for funders to assess your case and make expedient offers.
Lawyers using the platform will be given access to an AI-enhanced online application system, so they can make one funding application using a standard form. We will help you through the funding request process step-by-step, so you are following best practice procedure and providing the right information to the funders.
Once completed that application will immediately be sent to all funders on the platform unless any have been excluded so that they can confirm whether or not they have a conflict. Subject to the conflict check and the lawyer’s approval the funders will have access to the funding application and supporting documentation pursuant to stringent confidentiality obligations. Lawyers will be able to track the application, so they can stay on top of the entire process and keep clients informed of updates.
For funders, the attraction is being able to see and assess multiple funding requests without the added costs involved with in-depth due diligence needed when assessing disputes on a case by case basis. It’s only when lawyers and funders have agreed on the commercial terms in principle that the deep due diligence process begins.
If spending less time on litigation funding applications meant more time doing the job you love, why wouldn’t you make the change?
To find out more about what we are doing to ease the process of applying for litigation funding and how we are working with funders, please get in touch by clicking here.
