Is Consumer Lawsuit or Legal Funding the Proper Choice for Me?
July 26, 2011
Over the next several posts we’re going to examine the various issues surrounding legal or lawsuit funding and what consumers should consider to determine if legal funding is right for them.
Part 1 – Understanding and Expectations
Consumer legal funding is intended to help accident victims make ends meet while they await a fair settlement. As accident victims assess the financial options available to them, they should consider consumer legal funding as part of the solution, but not the panacea.
First, consumer legal funding is not a loan. Oasis is only paid back if the accident victim receives a fair settlement. Talking with your attorney can help you understand what your case is worth and if consumer legal funding is a good option for you. While an attorney can’t guarantee how much your case will settle for or how long it will take, he or she should be able to provide a ballpark figure. This information will help you to plan and understand your financial needs and aid in finding a solution going forward.
Expectations
Most personal injury claims do not result in multi-million dollar jury awards for the plaintiff. You should be fairly compensated for your injuries, but take care to measure your expectations against what is reasonable and fair. Understanding the reasonable outcome of your lawsuit will prepare you to plan and make sound decisions.
If your lawsuit is like the vast majority of cases in the system, it is probably safe to say that your attorney is not seeking to obtain a financial windfall. The amount your attorney is seeking should be enough, after fees and expenses, to cover your medical expenses, lost wages, repairs to your car if it was an auto accident, or in the case of a worker’s compensation claim, a sum to cover physical therapy, and then some compensation for your pain and suffering.
Once you have a solid understanding of the expected outcome of your case for both the financial award and the length of time to obtain that award, you can begin to consider your needs and if legal funding is a viable solution to help cover legal expenses. Our next post will look at what those needs may be and the potential sources to cover those needs.
