Pravati Capital Class-Action Lawsuit Financing
Corner The Market With Class Action Lawsuit Financing Class-action suits as we know them today have been around since the 1960s. In the decades since, they have gone through many transformations, and they continue to do so. Most recently, class action movements have been shaken up by size limitations and the pervasiveness of arbitration agreements, both of which leave lawyers facing new challenges. Making matters even more difficult, the internet has spawned a new breed of sophisticated clientele, and they’re looking for the best representation their anticipated future settlement can buy.
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Class-Action Lawsuit Financing Creates Options Today’s class action participants are sophisticated and looking for the best representation their anticipated future settlement can buy. Oftentimes, they’re looking for lawyers who are:
- Willing to work on a contingency basis: Most lead plaintiffs don’t have the funds to pay a retainer and meet the billing expectations of a class action lawyer. Instead, they look for contingency basis lawyers. Clients also prefer working with contingency basis law firms because doing so ensures that the firm has a stake in the case’s success.
- Unafraid to refuse unreasonable settlement offers: Firms that are under financial pressure are more likely to encourage clients to accept low-ball settlements—something no class action participant wants.
- Well-versed in class action complaints: Clients want attorneys with the experience and insight necessary to prepare compelling and effective class action complaints, so their case may proceed. But before lawyers can draft a complaint, they must review evidence, case law, comparable allegations, the broader impact of the damages, and a number of other things. Law firms must be able to continue their business operations while waiting for a future payout.
Class-Action Lawsuits Can Be Tough on a Firm’s Budget Specializing in class-action lawsuits requires an ongoing commitment to refining skills and studying case law. But it also means waiting to get paid only when a case is resolved in the clients’ favor. Thankfully, with class-action lawsuit funding, firms can get the working capital they need, allowing them to remain focused on their cases. Litigation finance is a form of a non-recourse advance made on the individual merits of a firm’s class-action lawsuits. With the class-action lawsuit financing, firms can put money into operational costs, research, payroll, and growing—without having to wait for the case to be settled.
-2019 Carlton Fields Class Action Survey