In a business of any size, there comes times when SMEs get into disputes with other businesses, whether this is over contracts, goods not being delivered or just unfair dealings. More often than not, these SMEs will be against a larger business with deeper pockets to match.
In times like these, borrowing money to fund a legal dispute can be scary but here at BMS Funding we are here to put you at ease. BMS Funding provides a commercial litigation funding solution directly to SMEs and through Law Firms that caps the claimant’s exposure from day one.
If your opponent knows you are being backed by a funder, who has obvious confidence in your claim, your negotiating position becomes a lot stronger, along with the chance of receiving a positive early settlement and dispute resolution.
Having access to justice is vital for all organisations, whether owner-operated SMEs or large multinationals.
Here are our top tips if you’re considering using litigation funding.
How does it work?
Commercial litigation funding provides non-recourse money to pay the fees associated with bringing a matter to court, thereby reducing your financial risk.
Funds are provided by a third party who will take a share of the damages should your claim be successful. If your claim fails, your litigation costs will be capped at £20,000.
Tailoring a solution that is specific to you.
As the cost and length of the case are undetermined, BMS Funding will provide a tailored commercial solution or solutions that the client and BMS Funding will decide on. This is based on a set of case circumstances and commercial objectives.
Legal professionals are always obligated to act or advise in the best interests of their client. This means, that the finance proposal we make, will take into consideration the size of loan required, the prospects of success, the expected case duration, as well as the potential settlement that could be returned.
Because of the risk involved with litigation cases, potential claims which may be eligible for litigation finance will be rigorously assessed by insurers, legal counsel, and our own expert staff. This leads to a damages-based agreement, providing clients with confidence, because if a funder is prepared to finance your claim, it is likely you have a good chance of succeeding.
What makes BMS Funding different?
The thing that makes us stand out from other litigation funders is our focus on putting the needs of our clients front and center. Our services allow a Solicitor to invest in the best experts available and we aim to work with modern, ambitious Law Firms who are committed to putting the needs of their clients first.
As well as several funding options, we have devised a Commercial Litigation product that can be applied as easily to £100k quantum cases as it can to £5 million. This has allowed us to support many SMEs who haven’t had the confidence to fight a case due to the risk exposure of running cases to the end.
BMS Funding are committed to ensuring commercial entities of all sizes can access quality legal services and cover their legal costs via commercial litigation funding.