What is Litigation Funding
Full Video Transcript
When you hire an attorney to represent you, he or she will either charge you a flat rate, hourly rate, or your case will be handled on what’s called a contingency. This means you will only pay your attorney when the case is resolved and you receive a judgment or settlement. Your attorney will take a percentage, and you will receive the rest. Unfortunately, resolving a lawsuit sometimes takes years, and depending on your financial situation you may need money right away. Attorneys are often prohibited from loaning their clients money, and if you can’t get a loan elsewhere, your options may be limited, especially if you can’t work anymore because of your injuries. In these cases, litigation funding services are available to forward you money interest free based on the likelihood you will receive a future money award. When you eventually do receive your money award, you will simply pay back the lender whatever is owed. If you have any questions, you can either speak with your attorney, or a litigation funding representative.
