Litigation funding is an essential mechanism that allows anyone to pursue a litigation claim without fear of loss of earnings or inability to pay court costs. It is this universal access to funding, alongside a transparent litigation process, that makes the UK’s justice system one of the world’s frontrunners in terms of equality and fairness.
Recent years have seen some changes to the process of applying for litigation funding. As is often the case, litigation funding has had to evolve to keep up with changes in society and increased demand for pursuing litigation cases. Let’s take a look at how litigation funding has evolved and what this means for both the sector and for the people who need litigation funding.
Types of funding
The litigation funding sector has seen a shift in terms of how organisations view the finances involved. There has been a marked shift away from investing in equities and bonds and a recognition of the fact that returns on litigation funding in successful cases can be very worthwhile. This has raised questions over whether there should be a cap on the return litigation funders can expect from successful cases.
Specialist firms
The years since 2010 have seen a considerable rise in the number of specialist firms with expertise in litigation funding. This marks a change from the more general legal offices that offer litigation funding advice as part of their range of legal services.
If you require specialist advice on the topic of litigation funding, it is worth contacting a specialist such as https://www.novo-modo.co.uk for tailored help throughout the process.
Growth in litigation funding
It is important to take a moment to mention the fact that litigation funding has seen a considerable increase in demand over recent decades. This may be attributable to a sizeable growth in patent litigation claims, or it may be because the average size of a litigation claim has grown year on year. Some people also argue that it is a cultural shift, with pursuing a litigation claim now considered to be easier and more accessible.
