enquiry@lexaw.com | + 44 (0) 8456 586618
Litigation Funding
LITIGATION FUNDING
LEXAW aim to be at the forefront of funding solutions for the legal market. We are constantly developing a range of funding schemes for the solicitors and litigation market with providers.
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The wide range of funding schemes on offer will help with paying for cases, funding disbursements and funding work in progress. The backing of substantial investment institutions will result in LEXAW being able to offer significantly more financial capacity within the UK market to fund our panel of firms across the UK.
Third party funders need ATE Insurance to protect them from their own liability for adverse costs as a consequence of funding the litigation as well as that of the claimant themselves. LEXAW are happy to work with funders to provide the necessary funding and ATE insurance which enables the litigation to be funded.
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We fully understand the obstacles our panel members may be facing and are building our products to offer real solutions in order for our panel to realise their growth expectations. LEXAW anticipate launching some pioneering products to meet their needs in conjunction with some standard products.
Below is a summary of some of the standard products:
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Funding Schemes
Profit cost funding
Once profit costs have been agreed, the funding company will advance an agreed percentage of the total to the solicitor within two days. This can improve the solicitor’s cash flow position by up to three months. Once the profit costs are successfully recovered from the third party, the advance is repaid by the solicitor, together with a small charge for the service.
Disbursement Funding
Disbursement Funding facility can fund disbursements on an individual case basis and release the cash you have tied up in disbursements. Most types of case can be considered, provided an ATE policy is in place which covers the disbursements.
Term Loans
An alternative to practice funding will be our term loan scheme. It will be available for specific case types only and a practice will be required to show a good track record of settlements and at least three years accounts to qualify.
Commercial Litigation Funding
There are numerous potentially lucrative commercial cases which are not pursued due to the lack of client funds. Our commercial litigation funding scheme will enable the client to borrow money to fund the disbursements and WIP relating to their case. The loan will be repaid from their award when they win their case and will be fully insured by our ATE insurance should the case fail.
Practice funding
LEXAW will provide access to practice funding for volume cases. The scheme will work by making an amount of money available to the solicitor as a loan for each case it takes on. The loan will be used to pay the ATE insurance premium and the various relevant disbursements to fund the work in progress on the case. The loan will be repaid together with the interest by the solicitor at the end of the case.
GET IN TOUCH
Our Contact Details
LEXAW INSURANCE,
West One
114 Wellington Street
Leeds
LS1 1BA
+44 (0) 8456 586618