Litigation, which is the name given to the process whereby an individual or a business takes legal action against another party to resolve a dispute, can unfortunately be quite a costly business. Because it carries a financial risk, let’s take a look at a number of ways to manage the financial risks associated with litigation.
Funding Options
Fortunately, there are some litigation funding options available to those in this position. Which type of funding is available will depend on various factors, including the value of the claim being made, the merits of the claim and what remedy you are looking for. Providers of litigation funding such aswww.novo-modo.co.uk/litigation-funding can be worth their weight in gold by helping to identify and acquire litigation funding to assist your case.
Can the dispute be resolved without litigation?
Successful dispute resolution professionals can be an enormous source of information and assistance in resolving any kind of dispute. Receiving legal counsel can strengthen your case and explain grounds for litigation.
Conditional Fee Agreements
Conditional Fee Agreements, often better known as ‘no win, no fee’ agreements, mean that you won’t have to pay any fee if your case is unsuccessful. Of course, this is a huge way of mitigating the risk of bringing forward any litigation claim.
After the Event Insurance
Unlike most insurance policies which are only valid if taken out before the event, After the Event insurance is a different sort of insurance which is only taken out after a litigation claim. According to Box Legal, it can be purchased and used by either the defendant or the claimant in the event of a litigation case, and will usually be purchased after the event has taken place but before any major legal costs or disbursements have been incurred.
If you are facing a litigation case either as a claimant or a defendant, it is wise to read up on all the different options to mitigate the financial risk of doing so. Seeking legal or professional advice can be most worthwhile to protect you financially during the process.
