PUNE, India, Feb. 24, 2020 /PRNewswire/ -- Civil lawsuits can be lengthy and burdensome on both the plaintiff as well as the defendant. A large number of resources need to be allocated for a lawsuit before it gets fully resolved. The financial burden on the stakeholders can even drive them towards bankruptcy. It is estimated that over forty million civil cases are filed in the U.S. each year. Business-to-Business lawsuits and individual-business lawsuits are also on the rise. Frivolous lawsuits can be detrimental for a company, especially when it is in the infant stage. The fees charged by the attorney can empty an individual's pocket if he isn't financially stable. Although personal loans can be taken by a mortgage, it is highly risky for the plaintiff to avail these, due to the volatile nature of lawsuits. In jury trials, which is popular in the U.S. under the Seventh Amendment, it is highly likely that the outcome is against your favour. In circumstances like these, third-party lawsuit financing agencies evaluate the merits of the case and they provide financial assistance during the trial. Lawsuit financing is increasingly becoming popular in countries such as the U.S., and the UK, which is leading to the growth of the global lawsuit financing market.
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Commercial lawsuit financing is used by businesses to finance various business-to-business lawsuits. Arizona-based Pravati Capital focuses on providing lawsuit capital to large businesses. Their clients consist of several Fortune 500 companies. The company provides a commercial lawsuit financing up to a sum of US$ 20 Mn. Capital can be obtained on a case-to-case basis or based on a portfolio. Litigation funding is legal in countries such as the U.S, the UK and South Africa. In the U.K., the Association of Litigation Funders (ALF) is responsible for ensuring that litigation funding is along the rule of law that is prescribed in the U.K. Regulations that promotes litigation funding coupled with the growing acceptance of litigation funding as a result of its reduced risk for plaintiff, which is further expected to drive the growth of the global lawsuit financing market.
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Key Findings of the Report:
- In terms of revenue, global lawsuit financing market is expected to reach US$ 4,120.70 Mn by 2027 owing to the rising awareness among plaintiffs regarding the availability of financing solutions during the course of the trial.
- On the basis of litigation funding type, commercial litigation accounted for the highest share in the global lawsuit financing market in 2018, due to the higher denominations associated with business-to-business settlements.
- As far as geography is concerned, the Asia Pacific region is expected to show the maximum growth during the forecast period, due to the favorable government regulations that supports lawsuit financing.
- Some of the players operating in the lawsuit financing market are Bentham Capital LLC, Argenta Legal Funding, Fair Rate Funding, High Rise Financial, Oasis Legal Finance Group, LLC, Fast Funds, Vannin Capital PCC, Law Finance Group LLC, Law Finance Group LLC, LawCash, Lawsuit Financial LLC, Legalist, Inc., Global Funding Solutions LLC, Harbour Litigation Funding Limited, Pravati Capital LLC and Burford Capital Ltd., amongst others.
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Global Lawsuit Financing Market:
- By Litigation Funding Type
- Consumer Litigation Funding
- Commercial Litigation Funding
- By End User
- Individuals
- Businesses
- Small and Medium Firms
- Large Firms
- Attorneys
- By Case Type
- Class Action Lawsuit Funding
- Labor Lawsuit Funding
- Medical Malpractice Lawsuit Funding
- Personal Injury Lawsuit Funding
- Workers' Compensation Claim Settlement Funding
- Others
- By Geography
- North America
- United States
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
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