The financial stressors caused by the global pandemic have touched nearly every industry. Legal firms are finding it difficult to cope with remote working conditions, court stoppages, and declines in billable hours—all while trying to address a huge influx in proposed litigation. One expert is confident that Litigation Funding is the ideal way to address shortfalls and keep budgets in balance.
An LFJ Conversation with Michael Kelley, Partner, Parker Poe
The financial stressors caused by the global pandemic have touched nearly every industry. Legal firms are finding it difficult to cope with remote working conditions, court stoppages, and declines in billable hours—all while trying to address a huge influx in proposed litigation. One expert is confident that Litigation Funding is the ideal way to address shortfalls and keep budgets in balance.
Digi Herald spoke to funding expert Rene Perras about how non-recourse third-party funding can help. Perras points out that litigation funding has become increasingly popular, and that COVID-19 is going to propel the practice into the mainstream.
When a firm is low on operating capital, Litigation Finance can come to its rescue. Funding can allow firms to take on new cases, or help individual plaintiffs pursue legal action when needed. Funding can also improve how cases are managed, as it can cover costs for research, expert witnesses, document analysis, and more.
Class action cases in particular are dramatically supported by funders, since they allow lawyers and plaintiffs to put the issue of costs aside as they focus on pursuing the case. This is also true when portfolios of cases are funded. Risks are reduced without impacting potential awards and recovery. Ultimately, Litigation Finance is a way to ensure that justice is available to everyone, regardless of income level.
