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Settlement Loan Considerations
We have put together a helpful checklist to determine if a settlement loan is right for you. Have other financing options been explored? Have you discussed your situation with your lawyer? Have you determined your true financial needs before applying? Read more »
Case Commentary: Giuliani v. Region of Halton
On August 31, 2011, the Ontario Superior Court of Justice rejected the recovery of interest on a third party litigation loan financing the cost of disbursements in Giuliani, a personal injury action. Although at first blush it appears this decision is inconsistent with recent Canadian case law allowing interest to be recovered on third party financing for disbursements and treatment costs, one could argue that the Giuliani decision is: (i) correct on its facts; and (ii) consistent with Bourgoin (Bourgoin v. Ouellette, [2009] N.B.R. (2d) TBEd. FE.013), Herbert (Herbert v. City of Brantford, 2010 ONSC C04-12047), and other court decisions allowing recovery for interest costs where third party financing arrangements are reasonable and facilitate access to justice. Read more »
The Recoverability Of Financing Costs In Personal Injury Litigation: Using Third Party Financing As A Shield... And A Sword.
In Canada, third party financing for litigation is a new concept that is increasingly being accepted as a means to facilitate access to justice where there is a substantial imbalance, or Funding Gap, in economic resources between the parties. The global credit crisis of 2008 and the recent amendments to the Insurance Act (Ontario)2 reducing coverage for general medical and rehabilitation expenses from $100,000 to $50,000 for standard motor vehicle accident benefits have aggravated this issue. Read more »
The Challenges of Financing Contingency Fee-Based Legal Practices
Contingency fee-based law firms are capital-intensive businesses which face unique challenges in sourcing the financing required to operate efficiently. This article explores some of the causes and implications of this situation from a practice management perspective and evaluates various alternatives available to law firms facing financing constraints. Read more »
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