Litigation Finance and Insurance – Quick Indication Service: assisting to secure your engagement
Let’s be honest, making an application for litigation finance and/or insurance is a reasonable time investment for lawyers. Obviously, as brokers we can vastly accelerate the process and mitigate the time cost whilst also increasing the chances of finding the right deal. Nonetheless, this still requires reasonable efforts from the legal team.
But what if you’re just in the initial investigative stages, or perhaps still pitching for the engagement – at that stage, it would clearly be premature and disproportionate to make a full application.
Being able to provide the client with an indication of how litigation finance and insurance could be structured for their case, including some ballpark pricing based on different structures, could go a long way in securing engagement as well as refining the client’s thought process.
Even where you’ve already been engaged, you may well have been asked to investigate funding, only for the client to ultimately conclude it’s too costly, despite weeks if not months of costs incurred whilst conferring with funders.
We believe TheJudge is the only company capable of providing this sort of independent overview of the likely options available to a client. Why? Because we have no bias to any given provider or product. We simply look at the client’s specific case circumstances, their budget and financial position and from there we can usually provide 3 of 4 immediate examples as to how the client could utilise different options, including but not limited to, litigation finance, own side’s legal fee insurance, adverse costs/security for costs through to monetisation solutions.
In doing so, we can demonstrate the net financial impact of each solution, based on the pricing we are typically seeing in the current market.
With over 20 funders and a similar number of insurers, it is frankly impossible for lawyers to keep up with market developments on their own.
“If you’re giving new clients the same advice on funding options that you gave even 12 months ago, then there is real chance that advice is out of date.”
A simple enquiry to our team from the outset will cost you nothing, but could help save valuable time, refine the client’s thought process, and in so doing, ultimately help secure your engagement. Indeed, it might even be that the case in question is ripe for your firm to consider running on a damages based agreement backed by DBA insurance. Many lawyers make enquiries for one type of solution, only to learn about other potential options that they may have never seen or considered before.
Our advice will be provided in real-time, based on the market today – not 12 months ago – and we can normally respond with an indication that you can forward to the client within 24hrs.
What do we need to provide an indication?
Some very brief information about the client’s prospective case (which can be supplied on a no-names basis) ought to be sufficient for our team to be able to provide a meaningful summary of likely options and price ranges.
A ballpark understanding of the budget (fees, expenses, adverse costs and any likely security for costs issues) as well as a rough indication of the potential claim value should suffice. Please note, in the same way that any indication is just that – an indication – we equally understand that the budget/case valuation maybe subject to change ahead of any formal application for funding/insurance.
We look forward to assisting you.
Director of Broking