Workplace injuries can have a significant impact on individuals, both physically and financially. When an employee suffers an injury on the job, they may be entitled to compensation for medical expenses, lost wages, and other damages. However, pursuing a lawsuit can be a lengthy and expensive process, leaving many injured workers without the financial resources to fight for their rights.
In such situations, legal funding can play a crucial role in providing the necessary financial support to pursue a workplace injury lawsuit. This article explores the role of legal funding in unlocking resources for individuals involved in workplace injury lawsuits.
Table of Contents
Understanding Legal Funding
Legal funding, also known as lawsuit funding or litigation financing, is a mechanism through which individuals involved in lawsuits can secure funds to cover their legal expenses. Unlike traditional loans, legal funding is non-recourse, meaning that the plaintiff is only required to repay the funding if they win their case. If the case is unsuccessful, the plaintiff is generally not obligated to repay the funding.
The Benefits of Legal Funding in Workplace Injury Lawsuits
Workplace injury lawsuits can be complex and costly, deterring many individuals from pursuing their claims. Legal funding provides access to justice for injured workers who may lack the financial means to hire an attorney, pay for medical evaluations, or cover other necessary expenses associated with the legal process. By bridging the financial gap, legal funding ensures that injured workers can seek the compensation they deserve.
Covering Living Expenses
Workplace injuries often result in the inability to work, leading to a loss of income and financial strain. Legal funding can help alleviate this burden by providing funds to cover living expenses such as rent, mortgage payments, medical bills, and daily necessities. This allows injured workers to focus on their recovery and legal case without worrying about immediate financial hardships.
Leveling the Playing Field
In workplace injury lawsuits, injured workers are often up against powerful corporations or insurance companies with vast resources. Legal funding helps level the playing field by providing financial support to the injured party. This enables them to hire skilled attorneys, gather expert witnesses, and conduct thorough investigations, increasing their chances of a fair settlement or successful trial outcome.
How Legal Funding Works
To obtain legal funding, an injured worker must first apply with a legal funding company. The application typically requires information about the lawsuit, the extent of the injuries, and the expected damages. Unlike traditional loans, credit history and employment status are not usually factors in the approval process.
Evaluation and Approval
Once the application is submitted, the legal funding company evaluates the merits of the case and determines the likelihood of success. If the case meets its criteria, the funding is approved, and the injured worker receives the requested amount. The funding company and the injured worker then enter into an agreement outlining the repayment terms.
Repayment
Legal funding is typically repaid as a percentage of the final settlement or jury award. The funding company receives the agreed-upon amount only if the case is successful. In some cases, a cap may be placed on the repayment amount to ensure that the injured worker receives a substantial portion of the settlement or award.
Contact Us Today
Workplace injuries can have devastating consequences for individuals, both physically and financially. The financial strain of pursuing a workplace injury lawsuit can be a significant barrier to justice for many injured workers. However, legal funding offers a solution by providing the necessary resources to level the playing field and pursue a fair settlement or trial outcome.
With legal funding, injured workers can access the legal representation they need, cover their living expenses, and fight for the compensation they deserve. By unlocking resources, legal funding plays a vital role in ensuring that injured workers can seek justice and rebuild their lives after a workplace injury. Acquire legal funding with High Rise Financial today.
Featured Photo by Andrew Neel: https://www.pexels.com
With a BA in communications and paralegal experience, Irma Dengler decided to make the best of her writing skills. She decided to turn complicated legal matters into something more palatable for the masses. Therefore, Irma became a law communicator who writes about everyday problems so everyone can understand them and take the appropriate action. She specialized in personal injury cases, as they are more common than anyone thinks, but her areas of expertise also include civil law, criminal law, insurance-related issues, and more.
