Does anyone here know much about the Litigation Funding Services industry, and if people use them commonly? Are many people successful in getting funding from them? I have a few civil-law matters I want to advance and need my legal fees paid, but yep, anyone know if there a common use of funding and do most get granted Litigation Funding from these private lender financial services companies?
NSW Litigation Funding Financial Service - Commonly Used?
- Thread starter Steve500
- Start date
Hi Steve500,
In NSW, lawyers are prohibited to take clients on a contingency fee basis. This means that the fee is dependant on a share of the damages awarded. However, this does not prevent non-lawyers, commercial businesses, to find individual clients. If you enter into such an arrangement, be sure to read the terms and conditions VERY carefully and understand what they get if you win, what you need to pay if you lose etc. (and what "winning" means). These funds generally like to fund matters with higher winning potential, and if won, are likely to be awarded a high sum in damages. For this reason, they often prefer class actions.
As for how likely you are to get funding, this will depend on which fund you approach and the merits and nature of your case. Only the fund itself can tell you this. Just because a company is willing to fund you, however, does not mean your case has strong merit. You should still talk to a few lawyers about the strengths and weaknesses of your case and expected outcome. Many firms offer free 30 minute consultations during the first visit.
In NSW, lawyers are prohibited to take clients on a contingency fee basis. This means that the fee is dependant on a share of the damages awarded. However, this does not prevent non-lawyers, commercial businesses, to find individual clients. If you enter into such an arrangement, be sure to read the terms and conditions VERY carefully and understand what they get if you win, what you need to pay if you lose etc. (and what "winning" means). These funds generally like to fund matters with higher winning potential, and if won, are likely to be awarded a high sum in damages. For this reason, they often prefer class actions.
As for how likely you are to get funding, this will depend on which fund you approach and the merits and nature of your case. Only the fund itself can tell you this. Just because a company is willing to fund you, however, does not mean your case has strong merit. You should still talk to a few lawyers about the strengths and weaknesses of your case and expected outcome. Many firms offer free 30 minute consultations during the first visit.
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