Living in a modern society means laws are passed that are designed to keep people and places safe, as well as justice being accessible to anyone who is a victim of lawbreaking.
Previously, having access to quality legal advice has been impossible for many, largely due to the high costs involved with instructing representation and bringing together court action. This, together with government cuts to legal-aid schemes, has meant that justice is out of reach for some.
Litigation Funding
Litigation funding is a means of bridging the gap between those who can afford access to legal help, and therefore justice, and those who cannot afford it.
It provides people with the necessary financing to enable them to bring claims against well-funded defendants, and it levels the playing field. Many claims fail at the first hurdle due to a plaintiff not having access to good quality legal advice from the outset, and litigation funding removes this barrier, ensuring equality for all.
Litigation funding is not repayable, even if the plaintiff loses their case. This helps to encourage people to pursue actions where they have been the victim of wrongdoing, as they do not have the burden of potential costs hanging over them at the conclusion of the case. It may encourage more people to come forward and take action, when they have a legal right to do so.
As well as being fundamental for individuals, groups, and businesses who wish to start a legal action, litigation funding is also beneficial to law firms. Private practices are able to take on more disputes and grow their business, as those who previously did not have the financial means of seeking advice can now access funding.
Litigation Funding Sources
Specialist companies such as https://www.novo-modo.co.uk/litigation-funding offer a range of litigation funding solutions, for those who need assistance when it comes to financing legal matters.
They act as a broker on behalf of individuals, businesses, insolvency practitioners, and law firms, in order to source the most appropriate means of funding to start a claim or arbitration process.