Litigation Budget Toolkit
A collection of resources to help counsel and companies better identify the cost of a lawsuit, develop and manage a litigation budget, reduce litigation costs, and understand and obtain third-party litigation financing.
Both outside and in-house counsel are under increasing pressure to minimize attorney's fees and costs, especially for litigation. Although it is difficult to predict when a lawsuit may arise, how long litigation may last, or how costly it may become, counsel can use early case assessment and budgeting tools to develop informed estimates of the costs of a lawsuit that does not settle early on, and to help prevent fees and costs from spiraling out of control.
In some cases, third-party litigation financing may offer an alternative method of reducing or eliminating legal fees and costs. Third-party financing (also commonly referred to as third-party funding, or alternative or external dispute financing) typically involves a non-party who pays for a party's legal fees and costs to pursue a lawsuit in exchange for a portion of any proceeds that the party may receive through settlement or a judgment for damages. Third-party financing is part of a growing industry in the UK and the US. In the current market, it is primarily being used to pursue plaintiff-side or affirmative claims, although companies increasingly are developing ways to help finance litigation defense.
This Litigation Budget Toolkit offers resources to help counsel:
Assess cases to calculate potential fees and costs.
Develop and manage a litigation budget.
Reduce litigation costs.
Understand and obtain third-party litigation financing.