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Legal financing industry
The legal financing industry provides non-recourse legal financing to litigants. Sometimes this financing is funded from outside of the firm or from individual lawyer's finances, and then funneled through a third-party company. Financing is often for plaintiffs involved in personal injury, workers' compensation, and civil rights. The industry provides litigants with cash in a lump sum form upfront in exchange for a share of the litigant's future settlement or trial award. While the litigant awaits the resolution of their case, the legal financing industry provides for immediate relief from financial burdens such as mortgage payments, rent, medical bills, educational bills, daily expenses, or even legal fees.
==History==
Legal financing is a fairly recent phenomenon, beginning on or around 1997. The American The Legal Finance Association points out that before the emergence of widespread legal financing, many people simply could not afford to use the U.S. court system.〔http://www.americanlegalfin.com/FactsAboutALFA.asp〕 In fact, it is new enough that many people do not realize that legal financing exists. Legal finance is often the last resort of lower-income plaintiffs and can be an incredibly valuable tool when used ethically. Lending to plaintiffs began as part of a trend in which banks, hedge funds, and private investors put money into other people’s lawsuits.〔http://www.nytimes.com/2011/01/17/business/17lawsuit.html?_r=1&pagewanted=all#h[]〕 While every case is different, legal financing companies generally only advance 10% to 15% of the likely settlement.〔http://www.oasislegal.com/pdf/Law360_Legal_Funding_Gains_Steam.pdf; http://www.oasislegal.com/pdf/Business-Oasis_Aids_Clients_In_Fiscal_Desert.pdf〕 On the other hand, legal financing companies charge between 36% and 150% annually—sometimes higher.〔http://publiusonline.com/tag/litigation-funding/〕 Rates vary widely based on the defendants' ability to pay, the merits of the case, the length of the case, and many other factors.
The American Legal Financing Association (ALFA) was established in New York as a nonprofit in July 2004 and it represents about 20 legal funding companies nationwide for personal injury victims.〔http://www.americanlegalfin.com/AboutLegalFunding.asp〕 The organization's main goals are to establish industry standards and to serve as a liaison with the public, government officials, and the media.〔http://www.americanlegalfin.com/FactsAboutALFA.asp〕 The legal funding industry has risen to the forefront of marketplace solutions for financially troubled attorneys and their clients. ALFA claims that industry leaders currently review more than 40,000 funding applications per month.〔http://www.americanlegalfin.com/FactsAboutALFA.asp〕 ALFA members are believed to have originated approximately 90% of currently outstanding legal fundings.〔http://www.americanlegalfin.com/FactsAboutALFA.asp〕 While the ALFA itself is a non-profit organization, most legal funding companies are for-profit organizations.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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