Litigation Funding Booming In the U.K.
Litigation funding started off as a very niche practice, utilized on a very small scale by a select few individuals. It was the exotic food many didn’t know about and few dared to try. However, the practice is starting to become more popular. There are now more lawyers who are using legal funding to help them become solvent financially and relieve their monetary stresses.
The litigation funding sector is growing in the United States, Australia, and New Zealand. In the United Kingdom, however, the sector is booming.
Legal funding has been around since the 1990’s. Typically there are two types of litigation funding: post-settlement funding and pre-settlement funding, the latter being by far the more popular. Recently, there have been inquiries by legal funding companies to start using litigation funding for commercial lawsuits.
According to The Guardian, a popular British newspaper, Harbour Litigation Funding announced it will triple the size of its advances to £180 million. Juridica Investments, Ltd., also based in London, said to the Guardian that their range of investing in claims is between £25 million and £100 million.
As more plaintiffs and attorneys discover the benefits of litigation funding, the sector will continue to rapidly grow and expand to other markets.
About the Author:
Lulaine Compere is a writer and research analyst for RD Legal Funding, a specialty legal finance company that focuses exclusively on providing attorneys and plaintiffs with post-settlement advances. RD Legal has offices in New Jersey and California.