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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. Lending to plaintiffs began as part of a trend in which banks, hedge funds, and private investors put money into other people’s lawsuits. While every case is different, legal financing comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Financing
Legal financing (also known as litigation financing, professional funding, settlement funding, third-party funding, third-party litigation funding (TPLF), legal funding, lawsuit loans and, in England and Wales, litigation funding) is the mechanism or process through which litigants (and even law firms) can finance their litigation or other legal costs through a third party funding company. Similar to legal defense funds, legal financing companies provide money for lawsuits but are more often used by those without strong financial resources. Furthermore, legal financing is more likely to be used by plaintiffs, whereas legal defense funds are more likely to be used by defendants. Money obtained from legal financing companies can be used for any purpose, whether for litigation or for personal matters. On the other hand, money obtained through legal defense funds are solely used to fund litigation and legal costs. Legal financing companies provide a Nonrecourse debt, nonrecourse cash a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Injury
Personal injury is a legal term for an injury to the body, mind or emotions, as opposed to an injury to property. In common law jurisdictions the term is most commonly used to refer to a type of tort lawsuit in which the person bringing the suit (the "claimant" in English Law or "plaintiff" in American jurisdictions) has suffered harm to his or her body or mind. Personal injury lawsuits are filed against the person or entity that caused the harm through negligence, gross negligence, reckless conduct, or intentional misconduct, and in some cases on the basis of strict liability. Different jurisdictions describe the damages (or, the things for which the injured person may be compensated) in different ways, but damages typically include the injured person's medical bills, pain and suffering, and diminished quality of life. History Historically, personal injury lawsuits in tort for monetary damages were virtually nonexistent before the Industrial Revolution of the 19th century. In agra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Workers' Compensation
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The trade-off between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain.” One of the problems that the compensation bargain solved is the problem of employers becoming insolvent as a result of high damage awards. The system of collective liability was created to prevent that and thus to ensure security of compensation to the workers. While plans differ among jurisdictions, provision can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lump Sum
A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity). The United States Department of Housing and Urban Development distinguishes between "price analysis" and "cost analysis" by whether the decision maker compares lump sum amounts, or subjects contract prices to an itemized cost breakdown. In 1911, American union leaders including Samuel Gompers of the American Federation of Labor expressed opposition to lump sums being awarded to their members pursuant to a new workers compensation law, saying that when they received lump sums rather than periodic payments the risk of them squandering the money was greater. ''The Financial Times'' reported in July 2011 that research by Prudential had found that 79% of polled pensioners in the UK collecting a company or private pension that year took a tax-free lump sum as part of their retirement benefits, as compared to 76% in 2008. Prudential was of the view that for many retirees, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Financing
Legal financing (also known as litigation financing, professional funding, settlement funding, third-party funding, third-party litigation funding (TPLF), legal funding, lawsuit loans and, in England and Wales, litigation funding) is the mechanism or process through which litigants (and even law firms) can finance their litigation or other legal costs through a third party funding company. Similar to legal defense funds, legal financing companies provide money for lawsuits but are more often used by those without strong financial resources. Furthermore, legal financing is more likely to be used by plaintiffs, whereas legal defense funds are more likely to be used by defendants. Money obtained from legal financing companies can be used for any purpose, whether for litigation or for personal matters. On the other hand, money obtained through legal defense funds are solely used to fund litigation and legal costs. Legal financing companies provide a Nonrecourse debt, nonrecourse cash a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedge Funds
A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as short selling, leverage, and derivatives. Financial regulators generally restrict hedge fund marketing to institutional investors, high net worth individuals, and accredited investors. Hedge funds are considered alternative investments. Their ability to use leverage and more complex investment techniques distinguishes them from regulated investment funds available to the retail market, commonly known as mutual funds and ETFs. They are also considered distinct from private equity funds and other similar closed-end funds as hedge funds generally invest in relatively liquid assets and are usually open-ended. This means they typically allow investors to invest and withdraw capital periodically based on the fund's net asset value, whereas privat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the List of United States cities by population density, most densely populated major city in the United States, and is more than twice as populous as second-place Los Angeles. New York City lies at the southern tip of New York (state), New York State, and constitutes the geographical and demographic center of both the Northeast megalopolis and the New York metropolitan area, the largest metropolitan area in the world by urban area, urban landmass. With over 20.1 million people in its metropolitan statistical area and 23.5 million in its combined statistical area as of 2020, New York is one of the world's most populous Megacity, megacities, and over 58 million people live within of the city. New York City is a global city, global Culture of New ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ohio Supreme Court
The Ohio Supreme Court, Officially known as The Supreme Court of the State of Ohio is the highest court in the U.S. state of Ohio, with final authority over interpretations of Ohio law and the Ohio Constitution. The court has seven members, a chief justice and six associate justices, who are elected at large by the voters of Ohio for six-year terms. The court has a total of 1,550 other employees. Since 2004, the court has met in the Thomas J. Moyer Ohio Judicial Center (formerly known as the Ohio Departments Building) on the east bank of the Scioto River in Downtown Columbus. Prior to 2004, the court met in the James A. Rhodes State Office Tower and earlier in the Judiciary Annex (now the Senate Building) of the Ohio Statehouse. The Ohio Supreme Court and the rest of the judiciary is established and authorized within Article IV of the Ohio Constitution. Justices All the seats on the court are elected at large by the voters of Ohio. Every two years, two of the associate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ohio General Assembly
The Ohio General Assembly is the state legislature of the U.S. state of Ohio. It consists of the 99-member Ohio House of Representatives and the 33-member Ohio Senate. Both houses of the General Assembly meet at the Ohio Statehouse in Columbus. Legislative agencies The Legislative Service Commission is one of several legislative agencies. It serves as a source for legal expertise and staffing and drafts proposed legislation, also helps serve as an advertisement to the general public as to what is happening inside the assembly. History The General Assembly first convened in Chillicothe, then the Ohio capital, on March 1, 1803. The second constitution of Ohio, effective in 1851, took away the power of the General Assembly to choose the state's executive officers, granting that right to the voters. A complicated formula apportioned legislators to Ohio counties and the number of seats in the legislative houses varied from year-to-year. ''The Ohio Politics Almanac'' by Michael ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Texas
Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by both List of U.S. states and territories by area, area (after Alaska) and List of U.S. states and territories by population, population (after California). Texas shares borders with the states of Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the west, and the Mexico, Mexican States of Mexico, states of Chihuahua (state), Chihuahua, Coahuila, Nuevo León, and Tamaulipas to the south and southwest; and has a coastline with the Gulf of Mexico to the southeast. Houston is the List of cities in Texas by population, most populous city in Texas and the List of United States cities by population, fourth-largest in the U.S., while San Antonio is the second most pop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ohio
Ohio () is a state in the Midwestern region of the United States. Of the fifty U.S. states, it is the 34th-largest by area, and with a population of nearly 11.8 million, is the seventh-most populous and tenth-most densely populated. The state's capital and largest city is Columbus, with the Columbus metro area, Greater Cincinnati, and Greater Cleveland being the largest metropolitan areas. Ohio is bordered by Lake Erie to the north, Pennsylvania to the east, West Virginia to the southeast, Kentucky to the southwest, Indiana to the west, and Michigan to the northwest. Ohio is historically known as the "Buckeye State" after its Ohio buckeye trees, and Ohioans are also known as "Buckeyes". Its state flag is the only non-rectangular flag of all the U.S. states. Ohio takes its name from the Ohio River, which in turn originated from the Seneca word ''ohiːyo'', meaning "good river", "great river", or "large creek". The state arose from the lands west of the Appalachian Mountai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Defense Fund
In the United States, a legal defense fund (or LDF) is an account set up to pay for legal expenses, which can include attorneys' fees, court filings, litigation costs, legal advice, or other legal fees. The fund can be public or private and is set up for individuals, organizations, or for a particular purpose. These funds are often used by government public officials, civil rights organizations, and public interest organizations. Legal defense funds often have large membership counts where the members contribute to the fund. The fund sometimes is or operates like a law firm, where teams of attorneys provide legal services through litigation. Contrary to the name, attorneys working for legal defense funds both file and defend lawsuit. Unlike legal financing from legal financing companies, legal defense funds provide a separate account for litigation rather than a one-time cash advancement, though both are used for purposes of financing litigation and legal costs. History The ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
