Personal Injury Funding
As the costs of litigation continue to rise, particularly in cases against large corporations, attorneys and their clients have had to seek creative ways to fund a personal injury lawsuit.
For clients who cannot afford the cost of a lawsuit, funding strategies may include seeking a litigation loan, having the attorney work on a contingent basis, or taking other cost-saving measures. Any source of personal injury funding must be legal in that jurisdiction.
To ask an attorney in your area about a personal injury lawsuit and possible funding sources, fill out the brief form below and wait for a free phone consultation.
Sources of Personal Injury Funding
While not every personal injury case is a bare-knuckle brawl with a massive corporation, there are always some costs associated with even the simplest injury claims.
As a result, attorneys and their clients often work together to find creative solutions to the problem of funding a personal injury lawsuit. These may include:
- Contingent fees. This may be a low-risk, high-reward solution for
an injured person looking to fund a lawsuit. Lawyers will sometimes
agree to forego attorney fees at the beginning of the lawsuit in
exchange for a certain percentage of the personal
injury settlement.
- Outside loans. There are multiple companies who provide loans to people who cannot afford litigation, particularly if they are being opposed by a defendant with deep pockets. Such loans, however, may be risky, and you should consult with your attorney before taking out any loans for a lawsuit.
- Pro bono attorneys. Many states have publicly funded firms that offer low-cost legal aid to people who cannot afford to pay an attorney. Check with your local legal aid office for more information.
Why Seek Personal Injury Funding?
Some people who have been seriously injured in, say, a car wreck or a slip and fall injury , may refuse to file a claim simply because they do not want to pay attorney’s fees. This decision, though, rests on the potential gains from filing an injury claim.
If a person has suffered a severe injury, and another person is to blame, forms of compensation that may be pursued include:
- Medical bills
- Pain and suffering
- Lost wages
- Loss of life enjoyment
As with most financial decisions, an injured person must weigh the costs of filing a personal injury claim with the potential benefits if the claim is successful. This, of course, depends on local laws and the nature of a person’s injuries.
For more information on personal injury cases and potential sources of personal injury funding in your area, contact a local injury lawyer today.