The term used by the people that refers to any cause, suit or action which can be established or enacted by two individuals in law courts is called as a lawsuit, and it can also be defined as any proceedings produced by a party to another party in the courts of law. The conduction of lawsuit or to criminal trial is basically called as litigation, and the defendants or plaintiffs are called as litigants, while the term litigators refers to their attorneys or lawyers. Litigation and filing a lawsuit can be very expensive to the part of the plaintiffs, as well as the defendants, good thing is that there are some funding companies that tends to offer legal financing to the people who plans to file a lawsuit but lacks financial resources.
Legal financing is also known as lawsuit funding, professional funding, litigation funding, third party funding and settlement funding, and it is defined as the process or the mechanism in which the litigants and law firms can pay for their litigation and any other legal costs through the help of a funding company. The funding companies can provide their clients with financial assistance or what they called as cash advance in exchange for a share in percentage of the settlement or judgment money that their clients may acquire after a successful or winning trial, but if their client loses he or she is not obligated to pay the money to the company. The benefits of obtaining a lawsuit funding from a funding company includes having the ability to level the playing field by acquiring lawsuit funding from large funding companies, especially when they are against wealthy defendants; and having the ability to use the money not just for litigation fees, court filings, and attorney’s fees, but they can also use it for their personal finances and their living expenses. In order to be a qualified applicant to a funding company, an individual should possess the different qualifications needed by the funding company, such as that the defendant is financially stable and is part of a large corporation, the state of residence, the background of the applicant, the sufficient margin for investment, the total amount of the damages sought, the liability of the defendant, and that the client’s case is either a personal injury from a motor vehicle accident or a case of negligence or a violation of civil rights at work. There are a lot of funding company that can be found in every parts of the world, and the people or companies who needs their services can find them through the use of the internet, or through the recommendations of their colleagues.