There are thousands of personal injury lawsuits filed each year and while many of these cases don’t reach the courtroom they still take time. When someone is victim to a personal injury or perhaps a commercial dispute they have the right to seek legal counsel. There are thousands of personal injury and commercial litigation attorney’s throughout the United States. These attorneys are typically hired on a contingentcy fee basis meaning they are compensated for their time and services only if the case is won. When a person files a personal injury lawsuit they have other options as well. Due to the economy lawsuit funding has become a new means of getting paid before a settlement is reached. When a person decides to seek funding for a personal injury dispute prior to a case reaching a settlement, it is referred to as pre settlement funding. Pre settlement funding is typically used by the plaintiff primarly to help pay for expenses while a case is reaching settlement. It will also buy the attorney more time to get full compensation out of a case without having the plaintiff prematurely accept a lower settlement.
When a personal injury settlement is finally reached there are other options within the legal finance industry. When a legal finance company offers an advance after a case has reached settlement, it is referred to as post settlement funding. Post settlement funding is used by a plaintiff after a verdict is won or a settlement has been reached. While most plaintiffs are under the impression that compensation is paid soon after a settlement is reached, oftentimes it can take months and sometimes longer before payment is received.
There are also cases in which a plaintiff is success in reaching a positive verdict however the defense decides to appeal the case. This could be financially devastating to someone who has lost a job or relying on payment to help pay for bills and other related expenses. There are even cases in which the defense team will appeal and successfully get the ruling overturned in appellate court.
Over the last few years the word litigation financing has become a common term within the legal industry. While the majority of these cases involve plaintiffs securing money before settlement, post settlement lawsuit funding is becoming more common due to hard economic times.
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