The use of third-party funding is continuing to expand in civil litigation throughout the United States.
Both small and large companies are increasingly seeking third- party funding. This includes companies with the capital to self-fund, but who would rather offset some of the costs of the litigation to third parties.
The growth of litigation funding has increased the different types of funding available. From the traditional case-based funding model to portfolio financing, litigants can work with Woodsford to obtain funding that is tailored to their particular needs.
In addition, there is an emerging trend in the US where a funder agrees to finance a portfolio of a law firm’s cases.
In such arrangements, the funder commits to provide third-party funding to a law firm’s clients in matters in which the firm will work on a contingent basis as to some or all of its fees. In such circumstances, it is common for a client to engage the law firm on a contingent basis as to some or all of the law firm’s legal fee and the client to enter into an agreement with the funder to advance to the client, on a non-recourse basis, the costs of the litigation (eg, expert fees, e-discovery costs, court costs). Such an arrangement allows the law firm to represent clients that have meritorious claims that might otherwise flounder owing to concerns related to costs compounded by the inevitable uncertainties of litigation.
Our US office is based just outside of Philadelphia. Woodsford has significant experience of funding US cases and US law firms and we have the appetite, expertise and resources for more.