Poll shows that half of litigators are spending irrecoverable hours on multiple litigation funding applications
In a recent poll of over 50 commercial litigation lawyers, litigation funding marketplace provider FinLegal found that half (50%) of the lawyers surveyed apply to between three and five funders for a single case, and nearly half (48%) of them processed more than one application for each separate funder, consuming significant amounts of billable time.
The data shows that one of the core issues lies in the amount of time litigation lawyers spend on multiple applications when sourcing litigation funding for their clients. Completing multiple applications for litigation funding consumes significant billable time for the lawyers and introduces additional costs. Yet it is clear that many lawyers wish to approach multiple funders to ensure the best deal for themselves and their clients.
Litigators are increasingly applying to multiple funders to secure the best deal for their client. However, there is a lack of standardisation across litigation funding applications. Frequently, litigation funding requests are formatted to the style guide of the funder, leading to litigators spending substantial amounts of time duplicating information into different formats and layouts, sometimes with different data requirements and protocols.
FinLegal allows law firms to access multiple funders with a single application. This significantly reduces time and costs. The SRA compliant platform has already attracted numerous to the online portal following a successful soft launch, with several deals already live. By standardising the claim process for all prospective funders, the FinLegal platform substantially reduces the risk of transcription errors, eliminates the time spent on duplicating claims, and increases ease of access to all interested parties.
Commenting on the data, Lochy Macpherson, Commercial Director of FinLegal said:
“The results from our survey show that while funding products have become more available and widely used over the last 5 years, the application process remains marred by delays and duplication which continues to act as a barrier to access. Our platform allows litigators to submit and manage a one-size-fits-all application to a variety of funders, substantially reducing costs and opening the door to a much larger range of commercial funding options.This step forward offers a better solution for clients, litigators and funders and helps to keep the UK a centre of legal innovation.”
About FinLegal
FinLegal is the world’s first litigation funding marketplace, radically reshaping the economics of litigation through automation and is changing to the way firms access litigation funding and ATE insurance. FinLegal provides a single centralised location for clients, litigators and funders to come together to source and manage funding for a claim. FinLegal offers access to funding across the spectrum of commercial disputes with funding ranging from £50,000 – £500 million + per case.
*FinLegal surveyed over 50 commercial litigators through LinkedIn and Survey Monkey in May and June this year to ascertain the amount of applications they make when applying for funding.
