1. Can you describe some of the circumstances that one would be looking for third-party litigation funding?
“Law firm financing would apply to situations where lawyers provide legal services on a contingency fee basis. Personal injury lawyers will tell their clients, ‘I’ll take on your case on a no-win, no-fee basis. If I’m successful, I get paid and my pay will be a percentage of the damages. If I’m unsuccessful, I get paid nothing. I will also fund the disbursements in litigation and if I’m successful I get those back and if I’m unsuccessful, I don’t.’ Contingency fee retainer arrangements are invariably used in personal injury and class-action cases.