March 14, 2014
When the main area of interest is associated with litigation funding, then there are various issues associated, which lawyers are still struggling. To minimize the problems, associated with contingency fees, the jurisdiction level has made a new law where the borrower or the client has to pay the money to a lawyer, appointed by him. In maximum instances, the loyalty is owned to someone from whom the money has been borrowed. On the other hand, the risk factor of the lawyer is mostly related with the contract made by clients. When the main area of interest is related with lawsuit lawyers, then he holds the major power to decide whether to take advantage of litigation cost or not, if it is not worth it.
Previous cases are not same
In former times, it can be seen that lawyers used to charge a particular fee to their clients, who are associated with lawsuit cases. The client can either pay the amount entirely or can wait for the monthly fees scheme. However, this practice kept on changing, after checking the profitable level of the attorneys. On the other hand, during previous cases, the payment created confusion between the attorney and his clients. It is an inevitable truth that the lawyer needs to be paid his exact fees, no matter what is the outcome of any lawsuit case. Even if a person loses the settlement case, still he is liable to pay a stipulated amount to the attorney. Moreover, in other cases the lawyers can even charge for an hourly rate, as per his sweet will.
Focusing more towards litigation fees
It has been found out that the litigation fees have already shifted the risk and cost factor associated with litigation services. In this respect, the lawyers just need to bear the risk associated with financing cost, which will be higher than the estimated amount. In this respect, the lawyers can work on the golden opportunity to keep the incentive for lower costing level. On the other hand, it has also been found out that the lawyer’s incentives can be aligned with the notification of the clients. This is the result due to share in the field of increased recovery financial services, which come with extra investment policies.
Other measures to have taken
There is another measure, which mingle the relationship between lawsuit funding and attorneys. When the cost shifting procedure is revolving around the client and lawyers, then the clients can easily take help of third party, to bear the financial services on someone else. This case might involve the workings of insurance companies; where else the corporations are going to pay for the employees and their officers. On the other hand, parents can also take an active part in this segment, by focusing more towards payment for their children or spouse.
No ethical problems arises
There are different kinds of lawsuit funding solutions, which are provided to the interested candidates and other lawyers, associated with the lawsuit funding field. However, it has also been found out that there is no moral problem associated if the lawyers look for new funding forms, for defending case. Moreover, it has also been found out that, from recent times, lawyers were given the liability to take help from banks for running their cases. They can even take help of non-recourse funding option, which is another significant part to lay focus.
Choosing the right lender
In case of banks fail to help the attorney with financial support, they can easily take help of lawsuit lenders. However, it is the duty of an individual to check the background of the lenders before opting for attorney lawsuit lending services.
John Sigmon is a world class name with special emphasize of various forms of lawsuit funding solutions. He is also known for offering monetary services to various lawsuit attorneys, related with alternative litigation funding areas.
, Cash Flow
, Finance & Law
March 13, 2012
In years gone by, whether you live in the UK or the US, you would have to undertake the task of finding a lawyer or solicitor when a legal dispute arose. The law professions were seen as somewhat staid and many firms survived by operating on their long established reputation. This approach changed dramatically in the US in 1977 when advertising restrictions on lawyers were greatly relaxed. Solicitors in the UK were still under restrictions until the mid 90s, before following the lead of the US. Now advertising has become commonplace and you can’t turn on the TV without seeing a legal firm of some type touting their wares. As a result those who need a solicitor or lawyer will often go for the name that they remember from a TV or radio advert. However, this can be a mistake and you should really take more care before making your choice.
Whilst many solicitors and lawyers will operate across the state or even country; it could be that their nearest office is a long way from your home. Discussions can of course take place over the phone, but in most instances being in the same room is a necessity to deal with some matters thoroughly. Therefore it is always advisable to first look for options in your local area. The quickest and easiest way is to do a Google search for the type of service you need and your location, eg. “solicitors in Pontefract” or “lawyers in Orlando”.
Once you have found a few local options then take some time to highlight the firms that provide specialist representation in the area that you require. Some unscrupulous firms will be happy to represent your case even if they don’t have suitable knowledge and experience, which could jeopardise your case. It is a good idea to ask the firm a few questions about past cases that are similar to yours. It is possible to include your required speciality into your Google search, eg. “solicitors in Pontefract” + “accident claim” or “lawyers in Orlando” + “personal injury”.
Although it isn’t essential to find a firm that has been operating for a long period, it can be a good guide. There will of course be excellent lawyers that have only been operating for a relatively short period. However, if you go for one that has been around for many years then there is a better chance that they work in the right way, otherwise they would have gone bust by now. At this point have a dig around online; looking for reviews of the firm and also ask friend and family members if they have any experience of the firms you are considering.
The legal world can be extremely confusing at the best of times and even more so if your legal representative uses confusing language and jargon. In order to understand the details of the case clearly it is important to be able to communicate effectively. Speaking to the remaining solicitors and lawyers on your list over the phone should give you a clear indication of whether you will be able to work effectively with them and help you make your final choice.
Tags: Finance & Law
March 12, 2012
People under severe financial problems are naturally in distress. They are frustrated and desperate especially when creditors are beginning to pressure them into settling their debts. In worst situations, when the chances of finding money to pay off the debt becomes almost impossible, the easiest way out for many is filing for bankruptcy.
However, is filing for bankruptcy the best solution? To know the answer, let us look into bankruptcy and its implications.
Filing for Bankruptcy: When?
Generally, a person in debt should file for bankruptcy only if and when he has exhausted every possible means to come up with a compromise agreement with his creditor and has failed in his efforts.
What Happens After Bankruptcy is Filed?
Upon filing for bankruptcy, the creditors will be notified immediately about it. The debtor can then expect that the unsecured creditors will cease from going after him for the settlement of his debts.
What follows after is that a trustee will be appointed to take charge of the bankruptcy case. The trustee’s job is to make sure that debtor will really pay his creditors. To facilitate payment of the debts, the trustee will sell most of the debtor’s assets. It will also be the trustee’s responsibility to make sure that when the time comes that the debtor will have sufficient income later, the debtor will begin to pay part of his income to the repayment of his debts.
Another responsibility of the trustee includes looking into the financial affairs and transactions of the debtor to see if he has transferred some of his money or properties a third party. His aim is to recover those so it can be used to reconcile all the debtors’ financial obligations.
When a person files for bankruptcy, an agency will keep a permanent record of the bankruptcy, and this record is accessible by the public for a certain amount of fee.
Under normal circumstances, bankruptcy lasts for at least 3 years, but this can also be extended.
What Happens Next?
Filing for bankruptcy is only the beginning of a long and tiresome process. Here are some of the things that will happen right after the filing of bankruptcy:
- Every time a debtor moves to a new place or address, he has to inform the trustee about the move and give him the new address;
- This is also applies when changing names such as when getting married, getting remarried, after a divorce. The trustee has to be informed about the new name;
- When traveling abroad, the debtor has to secure a written permission from the trustee. There are situations when a debtor will be required to surrender his travel documents such as passport or visa to the trustee;
- Any changes in income and assets during bankruptcy must also be communicated to the trustee.
In conclusion, filing for bankruptcy is not good as it will have a negative impact on a person’s credit record and history. It will also take a very long time to repair a credit record. So before finally deciding to file for a bankruptcy, think about all the consequences first. Of course to some it’s the only option left, and there is life after bankruptcy.
, Bankruptcy Laws
, Finance & Law
, financial planning