Legal financing industry

The legal financing industry provides non-recourse legal financing to litigants. Usually this financing is funded from outside of the firm or from individual lawyer's finances, and then funneled through a third party company. Financing is often for plaintiffs involved in personal injury, workers compensation, civil rights, or other lawsuits. The industry provides litigants with cash in a lump sum form upfront in exchange for a share of the litigant's future settlement or trial award. While the litigant awaits the resolution of their case, the legal financing industry provides for immediate relief from financial burdens such as mortgage payments, rent, medical bills, educational bills, daily expenses, or even legal fees. Contents 1 History 2 State Legislation 3 See also 4 References History [edit] Legal financing is a fairly recent phenomenon, beginning on or around 1997. The American The Legal Finance Association points out that before the emergence of widespread legal fin... (see more)