Receiving money from an accident is commonly and mistakenly referred to as a "loan." Consumer legal funding is not a loan since if you lose your case, you don't have to pay it back. For simplicity reasons, we will use the word "loan" in this article.

Sometimes one lawsuit loan isn’t enough to cover the expenses they face during litigation. Plaintiffs can take out more than one lawsuit loan, but there are some tradeoffs they’ll face that can make this a difficult choice. If you’re thinking about taking out another lawsuit loan, you’ll want to know what it could mean for your settlement and finances.

Why Take Out More Than One Lawsuit Loan?

Settlement negotiations and court proceedings to recover damages can drag on for months or even years. Plaintiffs may find that their initial lawsuit loan isn’t enough to cover their expenses. This often occurs when the plaintiff suffered a permanent loss of income and either can't work or must change industries. They may also face steep and ongoing medical expenses.

The good news for plaintiffs in this situation is that it’s easy to obtain a lawsuit loan, even if it’s not their first one. The legal funding industry remains loosely regulated, and there currently aren’t any caps on the amount of legal funding a person can obtain. As a plaintiff, you can obtain multiple lawsuit loans on your settlement before your case is resolved.

With additional legal funding, you can obtain an added measure of security during your lawsuit. Even if you don’t have an immediate need for money, legal funding could change what calculations you make about your case. If you’re willing to fight for your settlement longer, you could give your attorney more time to build a stronger case. 

How Much Can You Take Out With Your First Lawsuit Loan?

The size of your first lawsuit loan will depend on the size of your potential settlement and your financial need. Your first lawsuit loan could total anywhere from just a few hundred to several thousand dollars. In extreme cases, you might borrow tens of thousands of dollars from your settlement with a lawsuit loan.

Your first lawsuit loan will typically be anywhere from a few percentage points up to around 10% of your settlement. A lawsuit funding company can estimate the size of your settlement based on the defendant’s insurance policy. If the size of their insurance policy is unknown, then your state’s minimum coverage laws for the relevant incident can be used as a reference point.

While you might want to take out more with your first lawsuit loan, legitimate legal funding companies actually discourage plaintiffs from borrowing too much. Lawsuit loans come with interest, and in a lengthy lawsuit a plaintiff could lose out on much of their settlement.

How Long Does It Take To Get Another Lawsuit Loan?

The first time you receive pre-settlement funding, the amount you can take out will be determined by how the underwriter valued your case. If you take out the full amount, you will not be approved for further funding. However, if the value of your case goes up, for example, because you needed further surgery, you may become eligible for more funding.

If you’ve already received one lawsuit loan, it shouldn’t take any longer for you to receive a second or third. You’ll go through the same basic application process whenever you’re applying for pre-settlement funding. As legal funding is nonrecourse, you don’t have to go through a lengthy background check to receive your funding.

Any records you have with a lawsuit funding company on past loans can be brought up instantly. This information can be cross-referenced to determine how much legal funding they’ll offer you with your next loan.

If you go to a different legal funding company than your first one, you may have to submit additional documentation relating to your first lawsuit loan. However, most legal funding companies can issue a lawsuit loan within 24 hours, regardless of the status of your case.

What’s The Maximum Amount You Can Take Out In A Lawsuit Loan?

Technically, there is no theoretical upper limit on the amount of money you can receive through a lawsuit loan. However, there are some practical limits you’ll face that can force you to make some tough decisions about your lawsuit. 

Most legal funding companies will only fund you around 10% of the value of your potential settlement. For instance, if you were expecting a settlement of $100,000, the maximum amount of your potential lawsuit loan in this situation would be $10,000. Some financial institutions will offer you up to a 15% loan of the value ratio of your settlement as a lawsuit loan, but many offer 5%.  

However, all legal funding companies face hard limits on how much capital they can place at risk with any single case. Most financial institutions put a cap on the amount of funding they can offer you, and few, if any, lawsuit funding companies will offer an additional loan if you’ve already borrowed against 20% of your expected settlement.

What Happens If You’ve Already Borrowed the Maximum Amount From Your Lawsuit?

If you still need a lawsuit loan after borrowing around 20% of your expected settlement, you may be able to obtain a lawsuit buyout. Typically, you’ll sell your lawsuit to a different legal funding company than the one that offered your lawsuit loans. This prevents your previous financial institution from assuming too much risk with your case.

Should you opt for a settlement buyout, you’ll turn over all rights to your settlement award to a legal funding company. In return, you’ll get a lump sum payment right now that you won’t ever have to pay back. If you’re in need of money now, or if you expect that you might receive a structured settlement to be paid out over time, a lawsuit buyout could be a good option.

Determining If A Second (Or Third!) Lawsuit Loan Is Right For You

Before taking out a lawsuit loan, it’s important to ask yourself if doing so would be the right move financially for you. Lawsuit loans come with interest, and while they don’t need to be repaid if you lose your case, they do if you win. If you’re in need of money, make sure you’ve exhausted other options for paying your expenses without taking on additional debt.

Should you decide to take on another lawsuit loan, make sure that the interest rate works for you. A high compounding rate will leave you little to nothing to take home from your settlement. With a reputable legal funding company, you can obtain a low, simple interest rate on your lawsuit loan, even if you already have one (or more).

So, you were involved in a car accident, and one of the vehicles was a rental. Unfortunately, the conditions when a car rental agency is a liable party are few and far between. Many steps throughout the rental process and paperwork are set up expressly for the purpose of shielding the agency from liability.

Protections for the Rental Agency

There are a lot of built-in protections for car rental agencies. Understanding these protections is crucial if you want to know what your options are.

The Rental Agreement

Most rental agreements between a car rental agency and renter are set up to limit the liability for the company. Whenever the driver of the vehicle is responsible for an accident, this holds the blame on them, protecting the company.

It is vital to read rental agreements before signing because some will even make the renter solely responsible for any type of damage to the vehicle. This is meant to protect the agency from the cost of a hit-and-run or damage while the driver is not in the car.

If your rental car has been damaged, check your rental agreement to make sure you do not have to pay for rental days while it is being repaired. This is included in some agreements.

Primary and Secondary Liability Insurance

In many states, drivers must have liability insurance to operate any motor vehicle. Likewise, many car rental agencies must have liability insurance. In an accident involving a rental car, the driver’s insurance is triggered first and becomes the primary liability insurance. If the driver’s coverage can not cover all of the damages, only then will the agency’s insurance help.

Most rental agreements between a car rental agency and renter are set up to limit the liability for the company.

Entrustment

A precedent has been set that car rental agencies are not liable for negligent entrustment. This means if they rent a car to someone with a bad driving record, they are not liable. Rental agencies do not need to perform any sort of criminal or driving-specific background check before renting someone a car. To make them do so would place a large burden on the company.

Car Rental Agency Liability

There are a few conditions where a car rental agency is exposed to liability for injuries to the renter. These conditions look at negligence or shady business practices. Learn more about what a lawyer must prove in order to establish liability before deciding if you should take your situation to court.

Preexisting Conditions

If a rental vehicle has a dangerous flaw or necessary repair and the rental agency knows about it, they must fix it before renting out the vehicle again. If an agency employee rents out a dangerous or risky vehicle, they could be liable for the resulting injuries.

This can be hard to prove since you need to show there was a warning from a mechanic or a recall issued by the car’s manufacturer.

Lack of Maintenance

Car rental agencies must maintain their vehicles. If you can prove the agency or branch you used does not have or follow guidelines for routine inspections and maintenance, they may have missed a dangerous condition with the vehicle. This can help you prove the agency is liable for damages due to their negligence.

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State and Federal Laws

If the state or federal laws were broken in the rental agreement or during the rental process, this could show that the agency is liable. For example, if a car rental agency allows a driver without a current driver’s license to rent and operate their vehicle, they have engaged in illegal business practice. If the agency has put a potentially untrained or dangerous driver on the road like this, they could share liability for the actions of that driver.

Other unethical and illegal business practices can open the rental agency to liability, too. Using defective auto parts or unlicensed employees to service their vehicles is another way some rental companies break the rules.

Should You Sue?

Everyone’s situation is unique somehow, so to plan your next steps, speak to a professional with legal experience about injury damages or liability.

Author’s Bio - Michelle Eddy

Michelle Eddy is a staunch consumer advocate, fresh libertarian convert, a mother of three, and a part-time blogger. She covers topics from parenthood and child development to education and law. With a strong emphasis on consumer rights and helping the little guy stand up for their rights. Her favorite quote is “Sir, we are outnumbered 10 to 1." "Then, it is a fair fight!"

Many business owners who rent a commercial space are struggling or refusing to pay the rent. If this describes your tenants, you may be wondering if you can sue the insurance company to cover your costs.

So far, the pandemic has lasted for over a year, and there’s no end in sight. Eating a loss for months on end is not sustainable. After all, you may be depending on rent to pay your own mortgages. Read on to learn how some property owners are trying to get repaid for lost income due to the pandemic.

The Pandemic Is Disrupting Business and Rents

Many states are ordering shutdowns of businesses that have been deemed non-essential. Most businesses can not afford to go weeks without income. This is making companies try to back out of their rent. Some are claiming the virus as an act of God, which allows them to back out of the contract. Others are suing their commercial insurance provider.

Insurance companies are also denying coverage in many cases. They are saying the situation with the pandemic is out of their control. Others are saying that the damages are not physical. The way insurance companies make money is by avoiding large payouts. It is natural they are going to fight in court to avoid being sued by everyone.

Business owners and landlords feel their business insurance should cover their losses. Some have business interruption clauses in their contracts that should cover this. Insurance companies counter that the damages for COVID-19 are not their fault. They also claim the damages are too hard to calculate. This has resulted in a growing number of legal battles.

So Far No Landlord Has Won In Court

At this time, no landlord is known to have won a business interruption case that is related to the pandemic. Some legal advisors are recommending that business owners sue the tenant. Others are saying to work out a settlement or other arrangement. With so many small businesses closing due to the pandemic, you’ll have to consider the fact that it may not be so easy to get new tenants.

At this time, no landlord is known to have won a business interruption case that is related to the pandemic.

Thousands Of Cases Have Gone to Court

The failure or success of many lawsuits will depend on the states they are filed in. A court in Texas may rule differently than a court in New York. Experts say there are already lawsuits worth billions in courts.

These cases are being fought in state and federal courts. Some are claiming bad faith upon the insurer. Others have more creative legal strategies. There are promising cases in states like:

• New Jersey
• Missouri
• North Carolina

Some Cases Are Winning

There have been thousands of cases filed since the pandemic began. Insurers are playing hardball and seeking dismissals. Most of the cases are being dismissed by judges.

A few cases brought against insurers seem to be winning in court, though they haven’t officially been settled at this time. Some plaintiffs may have found a strategy that is working in court. Only time will tell.

Lawyers Are Arguing That the Policies Are Too Vague

The insurance companies are claiming their policies never stated they include viruses. Some insurance contracts have provisions called "all-risks" policies. Some businesses in Western Missouri made it to a jury trial. The judge ruled the physical presence of the virus met the requirements for physical loss and damage.

The key in these cases is to point out how ambiguous the language in the contracts are. Another strong strategy is citing the government orders as the damage. These are more tangible in a court's eyes than a virus.

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Some States Have More Open Interpretations of Physical Damage

A judge in New Jersey ruled that New Jersey state law didn't need physical damages. Plaintiffs cited an earlier case where dangerous gas made a packaging plant unsafe. They also cited a case where a downed power grid interrupted a grocery store.

Closure orders by the governor also helped them get a favorable ruling. Dangerous conditions that interrupted operations were enough to satisfy the court. There was a similar ruling in a North Carolina case. It ruled that being unable to physically access the property was a physical loss. This will be another way landlords and other businesses will likely take.

Closing Thoughts

This is a newer battlefield in litigation. Business interruption insurance is one of the main ways to sue insurance companies. Others may cite bad faith by the insurer.

Some cases are being won against insurers by other business types. Landlords should cite these as precedents, and read through as much information about legal options for businesses affected by COVID-19 as possible. The key to winning these cases seems to be citing ambiguous contracts, state law, and government mandates. These are the main ways cases have made progress in court.

Insurance companies want to make as much profit as possible, so they may not always obey all the rules. What you may not know is that insurance companies are required to do certain things when you file a claim. When they do not, they may be in violation of the law.

Unreasonable Delays

Insurance companies sometimes delay the start of an investigation into a claim with the hope that you will simply give up on it. Most state laws have deadlines for when an insurance company must accept or deny a claim. These deadlines may range from 15 to 60 days. If your insurance company delays investigation beyond those dates, they may have violated the law.

Failure to Conduct Investigation

Your insurance company is required to act in good faith and provide you with a fair deal. They must investigate any claim you file, even if it is simply sending an adjustor to review your damage. If you submit a claim after your car is damaged while parked on a street and your insurance company denies the claim without sending out an adjustor or refuses to look at estimates you have collected, they are not acting in good faith.

Deceptive Practices

If your insurance company fails to provide you with important information, they may be in violation of the law. This could include:

• Failing to disclose existence of coverage
• Failing to notify you of a claim deadline
• Failure to provide necessary paperwork to complete your claim

Your insurance company is required to act in good faith and provide you with a fair deal.

Offering Low Settlement Amounts

Although insurance companies try to offer low settlements in order to increase their own profits, they are not allowed, under the law, to purposely offer far less than they know your claim is worth. If you have provided estimates for damage repairs and your policy has adequate coverage to pay those claims, the insurance company may not offer you less than the lowest estimate you received.

The insurance company can also not refuse to pay a valid claim that is a covered event on your policy. For example, if you have no-fault insurance coverage and are struck by an uninsured driver, your insurance company must cover the damages and any injuries.

Misrepresentation of the Law

There have been instances when insurance companies purposely misrepresent the law or the language of a policy in order to avoid paying a claim. Insurance agents have a duty to be truthful in their statements, and making false statements may be a violation of the law. In court, you must prove that the statements made were intentionally false in order to mislead you.

Threatening Statements

Any insurance company that makes threatening statements to a policy holder may be prosecuted under the law. If an insurance agent tells you that if you file a claim, they will file legal action against you, it is important that you contact your state insurance board as well as an attorney right away.

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What to Do When Your Insurance Company Breaks the Law

Did your insurance company break the law when they processed—or failed to process—your claim? If you believe your insurance company has violated the law, it is important that you reach out to an insurance attorney to learn what rights you may have. The only way to keep these companies operating the way they should is to hold them accountable when they are on the wrong side of the law.

If you have been injured in an auto accident, your injuries may prevent you from working, which means you may be struggling to manage your finances. A legal settlement can take months, and sometimes years, before you ever receive any money. While you wait, you must still pay your mortgage, your car payment, and all your other bills. In many cases, you will be doing this while you are missing work due to an injury.

If you’re drowning in debt and struggling to make ends meet after an accident, one option you could take advantage of in your situation is a loan designed specifically for someone in your position. There are some disadvantages to legal funding, such as the fact that you’ll need to pay the loan back with interest if you win, but in many cases it can be a real life saver.

What is Legal Funding?

Legal funding is sometimes known as a pre-settlement loan. You are provided money as a cash advance on money you will receive as part of your settlement or lawsuit outcome. This means you don’t need to wait until the case is over to receive a portion of your settlement and some companies can provide you with funding within a few days. You will benefit from learning all you can about what legal funding is and how it works.

What if You Lose?

No matter how ironclad you think your case may be, there is always a chance you could lose. When you apply for legal funding, the company will research your case and determine what your chance of winning may be. If you lose your lawsuit, you will not be required to pay the money back.

One thing people appreciate about this type of funding is the fact that there are no monthly payments while you wait for your case to wind through the court system. There are no credit checks, as the loan is based on the merits of the case. If the legal funding company doesn’t think you can win the case, they will not lend you the money.

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How Much Will the Loan Cost?

There are companies that charge an application or origination fee, and some of those can be fairly high. Most companies, however, review your case for free. Interest can range between 1.99% to 3.99% per month, but some loans have a cap of 30% to 60% annually. Other companies simply charge a percentage of the settlement amount while still others charge a percentage of the amount of the loan.

Each company is different, and it is important to research in order to find the best rates. Keep in mind the company lending the money is taking a risk that your lawsuit will be successful. Be sure that the actual payback amount is in the contract, as some companies may include escalating compound interest that could have you owing more than your settlement amount.

Does My Attorney Need to Know?

It is recommended that you tell your attorney that you are applying for legal funding. Most attorneys are familiar with the process and, even if your attorney recommends against the loan, it is still your decision. In some instances, attorneys find legal funding beneficial.

If you may receive a large settlement, the other side may try to drag the case out hoping that financial difficulties could lead you to accept a lower settlement offer. With legal funding, you will have the financial ability to wait for the settlement you deserve. Because your lawyer wants you to get the largest settlement you can get, they may support legal funding.

Having both been incorporated in 2018, Prevail Partners and Intelligent Sanctuary are relative newcomers to the financial services sector – but the teams behind them certainly aren’t. Their new partnership combines military and international crime agency asset tracing, due diligence, fraud and money-laundering capability that could set a new standard in the civilian market.

Rather than limiting investigations to scouring social media or publicly available records, the partners utilise investigative tradecraft and cyber forensics, supplemented with fintech-based data collection tools, to pursue evidential trails across international borders. Intelligent Sanctuary CEO Jonathan Benton and Prevail Partners CEO Damian Huntingford discussed this unconventional approach to due diligence and asset tracing during an interview with Finance Monthly.

Both chief executives came from high-ranking jobs in what they called their ‘previous lives’. Jonathan is a former senior police officer and Head of the UK’s International Corruption Unit, while Damian is a former Special Mission Unit Commanding Officer and OBE recipient. Both are able to draw upon more than 20 years of experience in their fields, and their teams are just as capable; Prevail Partners staff have backgrounds in UK Special Forces, and Intelligent Sanctuary team members have each spent more than a decade in financial investigation or litigation.

It is this unique kind of professionalism that has set the partners apart from the traditional firms and made them less prone to misconduct, according to Jonathan. “There's been parliamentary enquiries into the way investigators conduct themselves in the private sector,” he said. “There's been untold cases overturned because of the way people have conducted themselves. But I was a former senior police officer. Damian's a former senior military officer. And we have genuinely operated at the top of our game and have reputations and understand risk and how reputation can be lost -- not just for us but our client as well. And therefore, there is a very strong core value about what we do and how we do it.”

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For the two firms, the partnership was a natural fit. Both company heads knew of each other as highly regarded professionals in their past careers, and the character of both organisations blended effectively. “We both know from our previous careers that there's often a difference between what might be legally permissable and what you're actually comfortable doing,” Damian said. “I think, as leaders, that’s something we’ve wrestled with numerous times at the pointy end.”

Already, their methods have been exceptionally effective. Between them, the two companies have traced, frozen or secured over $8 billion of misappropriated funds from business leaders and heads of state alike.

Damian credited the success of their ventures to their already-existing network of international connections and their ability to ‘command the cyberspace’. “That can involve, for us, other techniques around social media monitoring, and on occasion in the right instance there could be components of human intelligence, and even a physical dimension to that, providing it's appropriate to that particular jurisdiction,” he explained.

This multi-source intelligence has allowed Prevail Partners to pursue the fraudulent activities of a litany of high-profile individuals – among them Jan Marsalek, former COO of now-collapsed fintech firm Wirecard, who came to the company’s attention while conducting an enhanced due diligence investigation into the firm on behalf of a FTSE 250 company. “There were several red flags raised on that individual,” Damian said, “specifically pertaining to financial and reputational risk around him and his association with Wirecard.”

Through their investigations, Prevail Partners uncovered several transactions made by Marsalek using an avatar in the video game Second Life, which has in the past been used as a tool for financial fraud. This prompted a follow-up investigation, which uncovered further transactions between Marsalek and individuals in Russia, China and other nations that raised yet more flags. Though Prevail Partners’ warnings were not ultimately heeded, they were aware of Wirecard’s dubious financial activities long before news of its fraudulent operation emerged and Marsalek went into hiding.

“We both know from our previous careers that there's often a difference between what might be legally permissable and what you're actually comfortable doing.”

Fintech executives are far from the only subjects of Prevail Partners’ and Intelligent Sanctuary’s investigative work. Their teams have also tracked former Libyan Prime Minister Gaddafi’s looting of his state’s wealth, leading to $2 billion worth of funds being frozen through sanctions, and identified a global network of illicit assets in excess of $1 billion used by former Egyptian President Mubarak and his confidants. Dismantling complex financial fraud is a challenging and morally rewarding endeavour, which both CEOs identified as a key motivator in their decision to re-establish themselves in the private sector.

“My old world was about chasing down corruption and trying to uncover the pernicious side of it and recover the money that is laundered through the UK,” Jonathan said. “Well, we can still do the same thing through the private sector. In fact, I'd go as far to say in many ways probably more efficiently, because civil litigation is swifter, it can provide opportunity for early settlement, it's not conviction-based – requiring the conviction first and then recovery. So it's also about the ability to still do good, but in a commercial space.”

With both companies’ capabilities now working in tandem, we can expect to see Prevail Partners and Intelligent Sanctuary continuing to set new standards in asset tracing and due diligence going forward.

The cost hospitals put into fighting liability claims, as well as possibly unnecessary testing to preemptively protect doctors from being sued, undercuts the funding that they can use on patient care. The cost of medical liability to the healthcare system is hard to pin down exactly, but it is estimated to be anywhere from $50 billion to over $150 billion annually.

Those may sound like big numbers (because they are), but concerning healthcare spending as a whole, they represent a fairly small percentage of the budget. Liability costs make up the smallest of the four main expenditures of the healthcare system, which are:

• Labor costs
• Tests and technology
• Supplies and capital expenses
• Liability costs

Many studies of the cost of medical malpractice insurance are performed by groups with strong biases. The figures they present are often shaded by their desire to make the numbers fit with the picture that they are trying to paint. This is part of what accounts for the wide discrepancy in the estimated costs.

The Two Sides

The two main sides with a vested interest in the cost of medical liability in the healthcare system are doctors and hospitals vs lawyers and patients. Clearly, no matter which side you are on in the dispute, any system that has patients and doctors pitted against each other is a system that needs fixing.

Doctors and Hospitals

Doctors and hospitals argue that the high cost of liability protection both limits the money they have available for patient care and puts their patients through unnecessary medical testing. The risk that doctors face of being sued at some point in their careers is very high. Nearly half of physicians over the age of 55 have faced a lawsuit at some point in their careers.

The cost hospitals put into fighting liability claims, as well as possibly unnecessary testing to preemptively protect doctors from being sued, undercuts the funding that they can use on patient care.

Doctors argue that to protect themselves from being sued by a patient, they are forced to run extra tests that they don't deem necessary to diagnose a condition just so that they can say they did them should a patient claim negligence. They argue that patients bear the brunt of the cost, as they are left to face a higher bill for tests they don't need.

Hospitals argue that the cost of fighting malpractice lawsuits has a significant impact on their budgets and leaves them with less money for equipment and staff. This hinders their ability to provide their patients with the best medical care possible.

Lawyers and Patients

On the other side, you have lawyers and patients who sue doctors and hospitals when they feel that they have not received the best possible care due to the negligence or incompetence of a physician.

Lawyers and patients argue that the tests that many doctors claim to be unnecessary are, in fact, quite often responsible for preventing misdiagnosis. They believe that hospitals and doctors should be held accountable for any mistakes they might make in the care of their patients. Some of the common causes of medical malpractice cases include:

• Anesthesia mistakes
• Lack of informed consent
• Hospital-acquired infections
• Medication errors
• Surgical errors
• Missed diagnosis
• Birth injuries

Patients who were harmed and families affected by birth injury may speak to a lawyer about claiming compensation. Lawyers say they should. Doctors do not agree.

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What’s the Solution?

There is no simple solution to the problem of medical malpractice costs in the healthcare industry. The fact is some doctors are negligent, and some lawyers pursue frivolous lawsuits. As long as the two things occur, there is going to be a problem with unnecessary costs.

Doctors and hospitals tend to argue that the solution is to put a cap on damages from a malpractice lawsuit. Studies have shown that even with a cap, doctors still tend to run extra tests to protect themselves.

A possible partial solution to the problem would be to remove doctors from the legal part of the equation altogether. Patients who feel they are the victim of doctor error can sue the hospital directly and not the doctor. Doctors are at risk only through some form of disciplinary system by the hospital or medical board in which they face suspension of their license and termination of employment should they be determined to be at fault, but not by direct financial loss.

This would potentially reduce doctors performing truly unnecessary testing, as they would not feel the direct impact of a lawsuit and far fewer doctors would be affected by lawsuits overall. However, this is still far from a perfect solution.

Do you have an equal passion for both justice and crunching numbers? You undoubtedly know what economics is and you’ve likely heard of forensics, but do you have any idea what forensic economics is? Who knows, maybe this is the career path you were meant to take. Let’s find out.

What You Need to Know About Forensic Economics

According to the National Association of Forensic Economics (NAFE), forensic economics is classified as the application of economic theories and methods to legal matters. It’s a scientific discipline and those who work in the field are almost always master’s degree or PhD holders.

Someone who works in forensic economics is called a forensic economist. Economics and accounting are completely different as are forensic economists and forensic accountants. Though the roles are similar in nature, there are a number of factors that differentiate one from the other. Two of the biggest differences are the scope of work and the salaries associated with each.

What do Forensic Economists Do?

While of course it can differ from industry to industry, a forensic economist is generally tasked with conducting research, preparing reports and formulating plans that are aimed at specifically addressing economic problems relating to monetary or fiscal policies.

Forensic economists are well versed in services such as economic damage calculation and litigation consultation. They are often called upon to act as expert witnesses in a court of law. Their common areas of practice include:

• Toxic tort
• Accident claims
• Employment
• Medical claims
• Business
• Real estate

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How Much do Forensic Economists Earn?

Now, onto the good stuff. How much do forensic economists earn? Considering the scope of their work and the academic credentials behind their names, it should come as no surprise that forensic economists earn a pretty penny. The average salary of a forensic economist in the US is around $124,430, which is approximately $60 per hour, with an average bonus of $4,405 per year.

The entry-level salary for those with one to three years of experience is $86,457 while those with eight years of experience or more behind their name can earn up to $154, 814. Again, much like the scope of work, the salary of a forensic economist largely depends on the industry in which they work and the company or organisation that employs them.

A forensic economist can work anywhere from smaller organisations or cottage businesses to one of the Big Four firms. This is also one job that accommodates remote working—unless your presence is required in court of course—so it’s a career path that caters to working mothers and those that prefer working solo.

Final Thoughts

Forensic economists are remarkable people who can take numbers on a piece of paper and paint a picture of a hard-done-by single parent who struggles to make ends meet. They’re people who can review pre-incident records and come up with accurate figures that represent a business’s loss of earnings. They fight for the little guy and big guys alike, so whoever hires them benefits from their expertise and they leave a positive legacy.

The many man-made toxins in our environment can cause cancer and other serious issues, so toxic tort cases have become increasingly common.

Are you considering filing a lawsuit after you were injured or developed an illness due to toxic chemical exposure? Keep reading to learn the basic facts about these cases.

4 Things You Should Know About Toxic Torts

If you or someone you know suffered from exposure to toxic chemicals, this article is for you. It’s also a good idea to learn about toxic torts if you work in an industry where you’re exposed to toxic chemicals.

What Are Examples of Toxic Torts?

Toxic tort cases have involved everything from mold to medicine. There are many different types of toxic torts that can be filed, and these are just a handful of them. Some examples of these cases include:

• An employee who isn't provided with adequate personal protective equipment at work
• A factory worker who develops mesothelioma after exposure to asbestos
• A resident who becomes ill after being exposed to toxic waste from nearby industries
• A company that knowingly sells products that can cause illness or death

People can become seriously ill or even die from exposure to toxic substances, so these lawsuits will continue to be necessary in our society until these companies are held to higher safety standards.

Toxic tort cases have involved everything from mold to medicine.

Does the Exposure Date Matter?

The exposure date in a toxic tort case often determines if the case can continue to trial. This time period is known as the statute of limitations. A state's statute of limitations determines how long a victim of a toxic tort has to file a lawsuit. The time frame typically begins on the date of exposure.

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Unfortunately, many victims cannot identify the exact date of exposure. They may have also been exposed to the chemical for an extended period of time.

Furthering complications, the date of discovery may be much later than the exposure. In these situations, individuals must prove they did not discover their illness or injury due to the chemical substance until a specified date. Victims of Roundup, for instance, may not have immediately realised their cancer was caused by using weed killer.

Is Finding Proof Easy?

Even more complicated than the exposure date is proving that the illness or injury was due to a specific agent. In many cases, attorneys and expert witnesses must sift through hundreds of other chemicals they were exposed to in order to make their case.

Scientific evidence is a huge determining factor in toxic tort cases. If your attorney can find a qualified scientific expert witness to solidly explain the connection between exposure to the toxin and your illness, this will help your case.

Can I Handle the Legalities Myself?

Although some lawsuits can be handled on your own without the need for a lawyer, a toxic tort isn’t one of them. It’s legal to represent yourself, of course, but these cases can be incredibly complex so you’ll need to hire a personal injury lawyer. It can mean the difference between getting a settlement or wasting a lot of your time and money.

Toxic torts require in-depth investigation skills as well as careful attention to detail. In virtually all of these cases the testimony of an expert witness or several of them will be necessary to prove negligence. Most injury attorneys offer free initial consultations. It’s worth your time to take advantage of this if you’ve been hurt and you need your damages compensated.

To hear about GDPR in Portugal, this month we connected with João de Sousa Guimarães, Managing Partner Teixeira & Guimarães (T&G). Based in Proto, and with a branch office in Lisbon, the boutique firm provides financial and corporate legal support to national and global companies.

GDPR came into effect on 25^th May – how did the Portuguese Government prepare for the new regulations?

The truth is that until recently, there haven’t been any national regulations in relation to GDPR. The Portuguese Government in fact tried to dismiss the penalties for the public sector’s non-compliance, which was faced with divided opinions, as it meant that private companies are being treated differently. Thus, the Government didn´t get the national parliament’s approval to pass a set of regulations and the issue is still to be discussed.

Are the majority of Portuguese companies compliant with the new regulations now?

No, they are not. The previous EU data protection directive has been in effect over the past 20 years, but Portuguese companies weren’t taking it seriously. Since November 2017, we have noticed the effort that big corporations have been making to be GDPR compliant, but there’s still a long way to go – especially for Portuguese SMEs and the public sector.

What are the key GDPR challenges that Portuguese SMEs are faced with?

I believe that the key challenge they are faced with is the paradigm shift. Up until now, most of the SMEs in Portugal simply haven’t considered data protection as a major issue in today’s world. And I’m not only talking about digital customer relationships – there are so many companies that collect and store customer data in physical form, without having any internal safety policies. Most SMEs don’t fully understand the importance of data protection. They see the implementation of GDPR as something unnecessary that will only cost them money, as opposed to an opportunity to improve their relationships with the company’s stakeholders and clients.

The paradigm is shifting. And even though most SMEs are afraid of the penalties (and so is the Portuguese government itself), things have started to improve.

What is your piece of advice for companies that are not GDPR compliant yet?

I think the most important thing for companies that are not compliant yet is to understand this paradigm shift. They need to find the gaps between their current policies and what GDPR requires.  They then should seek advice on how to become compliant and properly handle their clients’, employees’ and service providers’ personal data.

About Teixeira & Guimarães

T&G has recently started the ESSA (Early Stage Startup Advising) programme, which consists of a number of legal services that entrepreneurs usually need assistance with. This includes things like intellectual property, corporate support and more.

The firm has excellent relationship with several universities, being the first (and only) law firm that has been case studied by an MBA International programme (at Catolica Porto Business School).

By January 2017, T&G was the first law firm in Portugal that had its quality management system certified by SGS ICS, within the scope of Legal Service Provider and Credit Litigation.

T&G is a founder associate of the Portuguese Association for FinTech and InsurTech (AFIP) and has been involved with the Portuguese Youth Entrepreneur Association (ANJE). The firm has provided legal mentoring to the Startup Porto Accelerator as well as to the Portuguese Business Angel Association (APBA).

Teixeira & Guimarães was awarded Boutique Law Firm of the Year 2018 by the Corporate Livewire Innovation & Excellence, as well Litigation Advisory Firm of the Year 2018 by the Finance Monthly Global Awards.

Website: http://www.tesg.pt/

Cheung Wai Man is a solicitor currently practising as a Consultant at Christopher Li & Co., Solicitors & Notaries in Hong Kong SAR. She is also a General Mediator, accredited by Hong Kong International Arbitration Centre (HKIAC) and a member of The Chartered Institute of Arbitrators (MCIArb.) Below, Miss Cheung speaks to Finance Monthly about her legal practice, and in particular, her mediation work.

What kind of disputes that involve mediation do you handle?

Thus far in my career, I’ve worked on four mediation for litigation cases and have appeared as a party’s legal representative in Financial Dispute Resolution (FDR) hearings before FDR Judge – all in matrimonial cases. When it comes to this type of cases, parties have attempted private family mediation, and a few have been able to reach a settlement. In a few cases, this has resulted in having their terms of settlement reduced in Consent Summons by both parties’ solicitors for the Court’s granting of matrimonial settlement order. Other cases have been settled after one or two FDR hearings without having full trial on the question of ancillary relief. Yet, a considerable number of the cases I have handled are still settled traditionally by without prejudiceMediation has been becoming a popular Alternative Dispute Resolution method in Hong Kong since 2010 when the Hong Kong Judiciary implemented a practice direction to encourage parties to have mediation for court cases before trial, with a view to save time and reduce litigation costs. As it’s been less than a decade since mediation was officially introduced in Hong Kong, there is still a lot that needs to be done in terms of developing our domestic mediation practices.

When is the right time to choose a mediator in a dispute?

Normally, the right time to choose a mediator in a dispute is when documentary evidence relevant to the dispute is disclosed and the parties’ issues and stances in the dispute are known. During this stage, the parties are more likely to have an effective mediation conference to communicate and work on their differences with a view to eventually reach a settlement. Parties can then have a clear idea of what mediation can achieve and choose the mediator based on his/her areas of expertise.

How do matrimonial cases differ from other cases that you’ve worked on?

Matrimonial cases tend to be a bit more personal as the Family Court requires to see a party’s report of their finances or a financial statement. Another thing that is specific to the nature of matrimonial cases is that the general atmosphere during proceedings is quite heated and emotional.

Family mediation during the pre-proceedings stage is highly desirable as this is when parties can have a private and confidential negotiation and overcome their differences, which can result in a quick settlement. A friendlier, more civil approach is obviously advisable for families who have children.

What skills would you say are essential for a good mediator?

I think that in order to be a mediator, one should be able to effortlessly encourage two individuals to communicate with one another. A good mediator needs to be confident, articulate, analytical and persuasive and have excellent listening and summarising skills.

What would be your top advice for managing disputes to the best possible outcome?

My top advice is to make sure to fully understand the parties’ cause(s) and the background of a dispute. Assess the strength of each party’s case. Know each party’s expectation for the outcome of the dispute and the concession(s) that each party is willing to make in order to settle it. Avoid and/or shorten the duration of a litigation proceeding to save time and reduce costs, if there is an ADR method that can be used instead. And lastly, encourage both sides to consider a win-win type of settlement.

Contact details: 

E-mail:  christine@member.hklawsoc.org.hk

Tel: +852 9238 2475

Emmanuel Ekpenyong is Managing Partner of Fred-young & Evans LP, a full-service commercial law firm and Fred-young Recoveries, an international debt collection firm. He is listed as a foreign associate with James Ling Attorney at Law, China. Mondaq have on many occasions awarded him Contributor with Most Popular Article and Most Reader Response in Nigeria. He is profiled as a National Expert in Getting the Deal Through: Restructuring, Insolvency and Copyright. ACQ5 awarded him, Gamechanger of the year, 2017. Here Emmanuel speaks to Finance Monthly about dispute resolution in Nigeria, the advantage of resolving disputes in the country and his company.

Litigation is often seen as the last resort, what are the viable alternatives to litigation in Nigeria?

Litigation is the most common form of dispute resolution in Nigeria. Its origin is entrenched in the English common law. Oftentimes, litigation is cumbersome because of the ingrained culture of litigation which results in overflow of cases and delay in adjudication, which is not ideal for business and business relationships. The need for a more efficient dispute resolution process has contributed to the prominence of Alternative Dispute Resolution (ADR) mechanisms in recent years.

Nigerian courts through their rules, now encourage litigants to resolve their disputes by adopting ADR mechanisms. The court may, with the cooperation and consent of the parties, refer the parties to ADR centers attached to the court system. If successful, the agreed terms of settlement is adopted as the consent judgment of the court. If unsuccessful, the matter is referred to court for adjudication. In adopting ADR processes, the parties may opt for informal tribunals which use informal mediation processes without possessing a formal structure or formal tribunals using formal mediation processes.

The most known and practiced ADR mechanisms in Nigeria are Arbitration, Mediation and Conciliation.

How does the appeal process work in Nigeria? Are there any advantages to resolving disputes in Nigeria – over and above other jurisdictions?

 An appeal against final judgments is brought within 90 days after delivery of judgment and 14 days for interlocutory rulings. The Court of Appeal rules allows an Appellant to bring an application before the appellate court for enlargement of time to file an appeal. An appeal does not operate as a stay of execution of judgment at the trial court; the Appellant has to file for a stay of execution of judgment pending the outcome of the appeal. An appeal is filed against questions of law of the trial court. If an Appellant wants to bring an appeal against questions of facts or mixed law and facts, it must seek and obtain leave of the appellate court.

The parties shall settle the record of appeal at the registry of the trial court and transmit it to the registry of the appellate court. The Appellant shall file its Appellant’s Brief within 45 days after transmission of the record of appeal. The Respondent shall file the Respondent’s Brief within 30 days of receipt of the Appellant’s Brief. The Appellant shall file a Reply Brief within 14 days of receipt of the Respondent’s Brief. The parties shall, at a date fixed for hearing by the appellate court, adopt their respective briefs and the appeal will be adjourned for judgment

What are the advantages of resolving disputes in Nigeria?

Unlike other jurisdictions in Africa, the rules of Nigerian courts encourage and provide avenues for litigants to explore amicable and less acrimonious settlement of their dispute. Nigerian courts uphold arbitration and other ADR clauses and in most instances stay court proceedings pending the outcome of arbitral proceedings. The court system support ADR proceedings by granting necessary interim orders, discovery and enforce arbitral awards in the same way as its judgments.

 How does your law firm assist clients involved in commercial litigation? Is there any general advice you could offer clients to prevent the situation from escalating?

We are interested in our client’s business and its business relationship with its customers. This is why we explore amicable settlement of disputes involving our client without compromising their interests. If amicable settlement fails and the parties do not have an arbitration agreement between them, we usually suggest to the parties to sign a submission agreement to enable them submit themselves to arbitration because of its speed and confidentiality. If litigation is inevitable and our client’s claim is a liquidated sum, we save time by commencing a summary judgment proceeding to prevent the proceedings from escalating. If our client is the defendant, genuine admissions and reasonable offer towards timeous resolution of the matter are veritable options.

 Litigation can be very costly – how do you evaluate each case to determine the best approach? When is arbitration more appropriate?

Litigation has the potential of resulting in high costs for parties and their businesses because of its unpredictability. Though arbitration is much more efficient in today’s business climate, there are certain disputes that can only be resolved by litigation. Disputes involving moral questions, questions of public law, criminal, matrimonial, insolvency, matters, ownership of land, dissolution of a company and testamentary matters cannot be referred to arbitration. In practice, only contractual disputes are referred to arbitration.

Website: http://www.fredyoungandevans.com