Rene Perras, a leading expert in litigation funding has explained the way to arrange finances for law firms during the COVID-19 pandemic. He has endorsed the importance of litigation funding in meeting the financial requirements of law firms amidst the global health crisis.
According to Rene Perras, the whole world is bearing the price for economic slowdown and it has also impacted the legal industry. Law firms are also finding it difficult to arrange money to carry out their operations in daily routine. Hence, lawyers are making efforts to protect their livelihoods and safeguard the survival of their law firms by ensuring the cash flow in their systems.
Rene Perras, E-Discovery/ESI and managed document review consultant for law firms, has suggested making the use of litigation funding for arranging the necessary financing for law firms and litigants. Third-party litigation funding is becoming a common thing in the US as more and more states are lifting a ban from this. Recently, the Minnesota Supreme Court has also allowed the Minnesota state to offer third-party litigation financing services.
Help Litigants to Arrange Funding to File a Suit
Third-party litigation funding allows every lawyer and litigant to file a suit and manage the expenses of different litigation cases. In order to carry forward a lawsuit, it is important for a litigant to pay court fees, appoint a lawyer, and pay money for other law procedures. The litigation funding expert has mentioned that the money required for all these things can easily be arranged through third party litigation service.
Allow Attorneys to Meet the Client Requirements
Lawyers can easily get the required financial support for meeting the client requirement and retain new clients. Moreover, it allows them to expand their practice without any financial hurdle and cover other office expenses. Rene Perras has mentioned that litigation funding service also allows a claimant to cover litigation costs for services such as e-discovery/ESI.
This service involves the assessment and the management of data for carrying out a strong document analysis. And this process involves reviewing lots of documents and it requires the help of experts. With the help of a third-party litigation service, it is possible for lawyers to help litigants easily manage their legal costs during COVID-19. Moreover, it also allows them to move a suit forward to start the proceedings.
Favorable Financing Models
Rene Perras has mentioned that the financing models are undergoing a complete shift and it is allowing the deferring of payments to help both plaintiffs and defendants concentrate on their lawsuit. This can really play a crucial role to help people with financial problems during the current global crisis. Due to the evolution of the litigation funding, it is possible for legal service providers for plaintiffs and defendants to find a way to ease payments for a case.
This can be achieved by deferring payment to the end and involving in the success-based funding. In addition to this, the plaintiffs or their attorneys can also share the cost as well as the risk of litigation funding for different legal procedures.
Faster Recovery Using Litigation Financial Providers
Rene Perras has highlighted that litigation financial providers can help to ensure the faster recovery of legal firms from the current global crisis. By helping claimants and law firms arrange the required funding for legal procedures, it eventually helps to run legal procedures with the right speed even during the pandemic.
In the law world, the use of ESI (electronically stored inputs) has helped law firms to sort, process, and authenticate the data at a faster rate. Moreover, E-Discovery has also helped to reduce the burden of high stakes complex litigation by taking the help of software experts and technology specialists.
Rene Perras has created a network between ESI/E-Discovery case expenses and business development. With the help of Litigation Finance 4.0, he allows litigants to postpone the expensive litigation support service payments until the settlement of a legal case.