A technology start-up went live this week with the aim of streamlining the litigation funding process for law firms, funders and claimants alike.
Legal Funding Central (LFC) is based in New York but as well as the US, it is targeting the UK funding market with a promise to reduce inefficiencies.
The initial service offered by the site is enabling lawyers to create a standardised case file by filling out key information and uploading documents. LFC hosts the case file on its secure cloud-based server, where it can be accessed by multiple funders once they are provided with authorisation information from the law firm, rather than requiring the lawyer to make multiple applications to funders.
LFC also provides phone and e-mail support to claimants who need extra help, facilitates requests for additional information by funding companies, and supports fax and e-mail submissions from law firms that want help uploading case information to the website.
The next stage of development for the site, according to co-founder Dylan Beynon, will be “exploring ways to eliminate inefficiencies for funding companies and claimants”.
He said: “We kept hearing the same thing from attorneys and paralegals – ‘legal funding is important to our clients, but I wish I didn’t have to deal with it’.
“There are a million ways that technology can improve legal funding, and I believe we’ve taken the first major step by removing bottlenecks that law firms and funding companies struggle with.”
He told Litigation Futures that LFC is developing new features specific to the UK market for release later this year.
LFC is currently free to use, and Mr Beynon said that while they are building additional services, “we haven’t yet nailed down a business model. However, we believe that if our technology can save the key players time and money, then that will create a clear path to monetisation”.