New York Premises Liability Cases: How Litigation Funding Can Aid Plaintiffs

Premises liability cases in New York can be complicated and time-consuming. These cases arise when someone is injured on another person’s property due to unsafe conditions or negligent maintenance. Whether it’s a slip and fall in a grocery store, an injury in a poorly maintained apartment building, or an accident in a public park, the legal process of pursuing compensation for injuries sustained can be daunting. Plaintiffs in premises liability cases are often facing significant medical bills, lost wages, and emotional stress, and while they wait for justice, they may struggle financially. Litigation funding can be a lifeline for plaintiffs who find themselves in these situations, helping them manage their financial burden while pursuing legal action.

Understanding Premises Liability Cases in New York

Premises liability cases are based on the principle that property owners or occupiers have a legal responsibility to maintain their premises in a reasonably safe condition. If a property owner fails to uphold this duty, and someone is injured as a result, the injured party may be entitled to seek compensation through a premises liability claim. In New York, the plaintiff must prove that the property owner was negligent, which means demonstrating that the owner knew or should have known about the dangerous condition and failed to take the necessary steps to remedy it.

The range of premises liability cases is broad and can include incidents such as slip and fall accidents, elevator accidents, swimming pool accidents, dog bites, and injuries caused by inadequate security measures. Each case presents its own set of challenges in proving liability, and plaintiffs often face aggressive defense tactics from property owners and their insurance companies. Moreover, these cases frequently involve extensive legal investigations, testimonies, and the gathering of evidence, all of which can result in drawn-out legal proceedings.

The Financial Strain on Plaintiffs

For plaintiffs in New York premises liability cases, the financial strain can be overwhelming. Injuries sustained in these accidents can lead to extensive medical treatment, rehabilitation, and, in severe cases, long-term care. While medical bills pile up, plaintiffs may also be unable to work due to their injuries, further compounding their financial difficulties. The legal process of pursuing a premises liability claim can take months or even years, leaving plaintiffs in a precarious financial position as they wait for a settlement or verdict.

In addition to medical bills and lost wages, plaintiffs often face other expenses related to their case. These can include court fees, deposition costs, witness fees, and attorney’s fees. While many personal injury attorneys work on a contingency fee basis, meaning they only get paid if the plaintiff wins the case, plaintiffs are still responsible for covering many of the other costs associated with litigation. These expenses can quickly add up, making it difficult for plaintiffs to stay afloat financially during the course of their legal battle.

How Litigation Funding Can Help

Litigation funding, also known as lawsuit loans or pre-settlement funding, is a financial tool that can help plaintiffs in New York premises liability cases manage their expenses while they pursue justice. This type of funding provides plaintiffs with an advance on their expected settlement or verdict, allowing them to cover their immediate financial needs without having to settle their case for less than it is worth.

Litigation funding is not a traditional loan in the sense that it does not require monthly payments or affect the plaintiff’s credit score. Instead, the funding company advances a portion of the expected settlement or verdict to the plaintiff, and the repayment of the advance is contingent on the outcome of the case. If the plaintiff wins the case or reaches a settlement, the advance is repaid from the proceeds of the settlement. If the plaintiff loses the case, they owe nothing to the funding company.

For plaintiffs in premises liability cases, litigation funding can provide much-needed financial relief during a time of significant stress. It can help cover medical bills, living expenses, and other costs while the case is ongoing, allowing plaintiffs to focus on their recovery and their legal case without the pressure of immediate financial concerns. Furthermore, litigation funding can level the playing field by giving plaintiffs the financial flexibility to pursue their case to its full potential, rather than feeling pressured to accept a lowball settlement offer from the defendant or their insurance company.

The Process of Securing Litigation Funding

The process of securing litigation funding for a New York premises liability case is relatively straightforward. Plaintiffs typically work with their attorney to provide the necessary information to the litigation funding company, which will evaluate the strength of the case and the likelihood of a successful outcome. This evaluation process involves reviewing the details of the premises liability claim, including the nature of the injury, the evidence supporting the claim, and the expected timeline for the case.

Once the litigation funding company approves the plaintiff’s application, they will provide an advance based on the estimated value of the case. This advance can be used for any purpose, whether it’s covering medical bills, paying rent, or meeting other financial obligations. The amount of the advance will depend on the specifics of the case, but plaintiffs are typically eligible to receive a percentage of their expected settlement or verdict.

It is important to note that litigation funding is not without its costs. Funding companies charge fees for their services, which are typically calculated as a percentage of the advance. These fees can vary depending on the funding company and the specifics of the case, so it is important for plaintiffs to carefully review the terms of the funding agreement before accepting an advance.

The Benefits and Drawbacks of Litigation Funding

Litigation funding offers several key benefits for plaintiffs in New York premises liability cases. First and foremost, it provides immediate financial relief, allowing plaintiffs to cover their expenses while they wait for their case to be resolved. This can be especially important for plaintiffs who are unable to work due to their injuries and are facing mounting medical bills and other financial obligations.

Litigation funding also gives plaintiffs the financial flexibility to pursue their case to its full potential. Without the pressure of financial hardship, plaintiffs can take the time necessary to build a strong case and negotiate for a fair settlement, rather than feeling forced to accept a low offer just to cover their immediate needs. This can ultimately result in a more favorable outcome for the plaintiff.

However, there are also some drawbacks to litigation funding that plaintiffs should consider. The cost of litigation funding can be significant, as funding companies charge fees for their services. These fees can add up over time, especially if the case takes a long time to resolve. Additionally, because litigation funding is contingent on the outcome of the case, plaintiffs who lose their case will not owe the funding company any money, but they will still have to bear the financial burden of their injury without the benefit of a settlement or verdict.

Is Litigation Funding Right for Your Premises Liability Case?

Whether litigation funding is the right choice for a plaintiff in a New York premises liability case depends on the specifics of the case and the plaintiff’s financial situation. For plaintiffs who are facing significant financial strain due to medical bills, lost wages, and other expenses, litigation funding can provide a much-needed financial lifeline. It can help plaintiffs cover their immediate expenses and give them the financial flexibility to pursue their case to its full potential, rather than feeling pressured to settle for less than they deserve.

However, plaintiffs should carefully consider the costs associated with litigation funding and weigh them against the potential benefits. It is important to work with a reputable litigation funding company and to fully understand the terms of the funding agreement before accepting an advance. Plaintiffs should also consult with their attorney to determine whether litigation funding is the best option for their specific case.

If you are involved in a premises liability case in New York and are struggling to cover your expenses while you wait for your case to be resolved, litigation funding may be the solution you need. Fast Funds can provide the financial support you need to stay afloat during your legal battle, allowing you to focus on your recovery and pursue justice without the added stress of financial hardship. With our assistance, you can ensure that your case is fully pursued, without the pressure to settle for less than you deserve. Reach out to Fast Funds today and learn more about how litigation funding can help you through this challenging time.