A problem we have seen time and again is that a client has a good claim but is not in the financial position to pay court fees, our legal fees and the fees of any expert witness. This is where litigation funding may prove to be useful.
Litigation funding simply means that someone else pays some or all of the costs associated with the litigation (and may also agree to indemnify you against any costs order that might be made against you). The terms on which such funding is provided varies case by case but typically the ‘funder’ will want some form of financial compensation if the claim is successful.
The most common types of litigation funding are:
- Private funding agreement (where a professional litigation funder funds the case in return for a share of the proceeds of the litigation);
- A conditional fee agreement (where a lawyer agrees to act on a ‘no win, no fee’ basis whereby if the claim is successful he/she will be entitled to her fees at the agreed rate plus a 25% uplift);
- Civil Litigation Assistance Scheme (where Legal Aid Western Australia will fund legal costs in return for a share of the proceeds of the litigation).
We have experience of dealing with each of the above types of litigation funding and can guide you through the application process.
For more information please contact Jeremy Birman on (08) 9220 4480.