Getting funding for your claim can take weeks rather than days to arrange. This page sets out the various stages of the process and times them to help with your planning.
Initial Enquiry and Triage
On initial enquiry, most funders will respond within 2-5 working days. They would like to see a brief summary of the case in question, an estimate of the value of the claim, and a rough estimate of the legal costs that will be incurred whilst the claim is being progressed through the civil courts.
Case Assessment
Funders go through a very in-depth analysis of the merits of the case. Typically they will get specialist counsel involved in reviewing the case. Given how civil court proceedings are structured, such analysis will also give a good indication of how long a case is likely to take and what costs will be incurred at each stage of the case.
Due Diligence on Documents
This stage of the evaluation also typically takes 1-2 weeks whilst the funder reviews the documents provided by the claimant. These would typically include a bundle of the main documents relating to the case, as well as pleadings, expert’s reports and counsel’s advice.
Term Sheet and Negotiation
The terms of the funding are set out in a term sheet. This is then negotiated with the funder over a period of around 1-2 weeks, depending on the level of complexity involved.
Final Agreement and Drawdown
The formal documentation of the contract and the drawdown of the funding can take a further week or two.
More on Litigation Funding can be found at https://www.novo-modo.co.uk/litigation-funding.
The biggest influence on how long it takes to set up funding for your case is you, and that is down to you having done a good job of preparing the case summary and organising the relevant documents to send to the potential funders.
