Why does it take litigation funders so long to make a decision?
Many solicitors and claimants are put off litigation funding because they feel it just takes too long to get a decision. They send in their application and then typically hear nothing for weeks, or even months, in some cases. Many law firms, that we have spoken to, have had some really bad and time-consuming experiences attempting to secure litigation funding for their clients.
So why does it take litigation funders so long to make a decision or to present an offer of funding?
Litigation funding is constantly evolving and many funders are improving their processes to become more efficient, thus enabling decisions to be made quicker. However, it can still take time. Typically, funders will use legal experts and professionals to review the litigation funding applications. They then present their recommendations to an investment committee, who will make a final decision. Depending on how often the investment committee meet, a group of applications may be reviewed at the same time and these discussions can take hours or even days in some cases. All the while you, the applicant, are waiting.
Here at Apex Litigation Finance we are using technology to create a quicker and more effective solution to litigation funding applications. We are the first UK litigation funder to use AI (artificial intelligence) to review the applications and make predictions based on the information submitted. Having reviewed the application our AI will predict the outcome and the timeline for the case.
The AI system also has the ability to create a profile analysis based on the litigation and settlement history of individuals, corporations and government agencies, along with providing important statistical information on the legal representation on both sides Finally, our AI system will predict the cost and awards of the case.
All this information is then provided to our funding team enabling them to make an informed decision much quicker and more effectively.
We are dedicated to making the process of sourcing litigation funding as quick and easy as possible. We want to provide claimants, with claims of all sizes, access to litigation funding which is cost effective and supportive of their situation. Our team are always looking at ways they can process funding decisions faster and provide more competitive terms to all our claimants.
If you are seeking litigation funding then contact the most innovative funder in the UK for a swift decision. Our team is ready and waiting.