How To Do More Work For Existing Clients
When growing a legal practice, existing clients tend to be the best source of further work. Often, however, lawyers struggle to entice current clients to give them more work.
Bentham has developed a brief list of questions to determine whether litigation funding can help lawyers expand the work they do for existing clients.
1. What factors are inhibiting clients from assigning the firm more litigation work? Clients often decide to award a firm litigation work because of affordability, capability or capacity. Firms with the capability and capacity to take on more litigation can bridge the affordability gap by taking some cases on a contingency basis. Firms not comfortable with the risk of contingency arrangements may consider Bentham’s portfolio funding to reduce their risk. With portfolio funding. Bentham provides capital secured solely against the proceeds from three or more commercial litigation cases. This enables the firm to take on contingency cases, without exposing the firm to the full risk of those cases.
2. Is the client avoiding litigation for cost and/or risk reasons? Many businesses decide not to pursue meritorious claims because of the costs and risks of bringing an action. These clients are particularly good candidates for litigation funding. Firms that take the time to check in with their clients about business issues and potential claims that are not being advanced may find opportunities for more work. With litigation funding as an option, a client and a firm can pursue meritorious claims together.
3. Should your RFP’s incorporate litigation funding? Most clients expect firms to include budgets in their proposals. While firms often propose alternative fee arrangement options, including litigation funding as a means of financing the case can demonstrate the firm’s ability to think creatively. Bentham can work with firms to develop pitch materials that include litigation funding.
When a firm has the expertise and capacity to handle litigation, litigation funding can help that firm pursue more cases for existing clients.
To learn more about how litigation funding can help your firm contact us