Sometimes, the only answer is to sue, and you need to figure out litigation for this. Sometimes, the reasons for this maty be important. No matter what type of case it is, or how important it might be, it’s good to look at the benefits and drawbacks associated with litigation, and what it can mean for you as well. That way, you’re getting the best compensation possible, and also what you do deserve as well.
Litigation Costs
Litigation is expensive, that much is true. Between the fees of attorneys, the costs of the trial, and the like, you may need to pay court costs for other things as well, including filings and discovery and such. Sometimes, people can’t handle litigation costs, and may not seek to file a lawsuit, and will take the low settlement instead, or maybe they just wait for insurance to set this up without worrying about the incurred expenses either. However, there are other types of litigation funding that you can do to help with the costs of litigation, and we’ll go over them here.
Litigation Funding Options
There are few plaintiffs that have had to handle all of the costs associated with this type of legal action. There are actually other funding options that you can use to help with the costs associated with this.
The first, is a contingent fee. This is where a lot of personal injury lawyers get hired.
This is a fancy word for the lawyer doesn’t collect fees until the plaintiff recovers either via settlement or the proceedings in courts. If the plaintiff doesn’t get the settlement, the attorney isn’t paid. However, you should know the attorneys who do get paid via this will have to take a much higher percentage when it comes to damages. This is due to the risks associated with this and the costs of court, the witness fees, and other litigation concerns. Usually, this is paid periodically.
The second option, is loan receival. Some plaintiffs might get money from friends or even family to cover the costs of this. The loans can also gotten from other places too, but understand that every single loan is different. However, this does come with downsides too, where if you are not comfy with borrowing money from friends or family, this can be a problem.
The next option is a litigation funding company. This is where they give you funds for those plaintiffs to help cover this before the resolution of the lawsuit. If the company discovers that the plaintiff will get the damages, they might provide money. Then when the damages get awarded, the funding company is then repaid and that also includes the borrowed funds, along with other agreed fees and even interests as well. This could be an option if you qualify.
Finally, there are personal loans from banks or financial institutions that’ll finance this. However, this is more of a last resort since banks typically think these loans are way too risky due to how they’re unable to predict how the jury will determine the case, and the award that the jury might make in this case. This should be done as a last resort if you’re not sure whether or not this will work.
With this in mind, you should always make sure that you figure out what will work for you, and of course, what you’ll be able to get from this too. It’s very important that you consider all of your options when choosing this type of funding, and what to expect with it as well for you too.