In the latest episode of the LFJ podcast, Steven Shinn, Founder of FinLegal, described the solutions his platform provides to both funders and lawyers, and explains where his business stands out from other third-party platform providers. .
Q: Why turn to litigation financing and post-event insurance? Can you explain how FinLegal’s offerings are different from those of traditional lenders?
A: Absolutely. I think one of the challenges is that the litigation finance market could see strong growth. But there are challenges where lawyers don’t necessarily understand litigation funding, and there are many more funders you can turn to. So you want to help educate people who are new to Litigation Funding and ATE on how to access it and how it works.
More and more funders are joining us, which increases the number of funded applications. So, whereas previously you might have only had backers looking to deploy $ 5 million for one claim, now you find situations where there are backers who want to deploy as little as 100 $ 000 or less. So there is a much wider range of funders … and it’s hard to go to each of them individually and it’s hard to know who is in the market.
We thought, let’s build a persistent platform that gives the law firm visibility and control over these funding requests, and give them an online process (to write the best possible funding request) in terms of positioning. compared to funders so that it gets funding. With plenty of funders to navigate, let’s build a platform to help lawyers navigate it, help them understand it, and help them present the claim with the best possible positioning.
Q: You mentioned your involvement in class actions (the UK version of American style class actions). What made you particularly interested in this space, and does your technological experience in any way penetrate this space?
A: Definitely. It started when I saw the VW Group claim, along with the cartel claims, the pricing of football shirts and things like that. With my tech background, I was like, “Well, how do law firms do this? “
I saw that they have a lot of offline case management platforms, they use a lot of spreadsheets. You know these systems didn’t talk to each other. There is a lot of manual effort and no mobile interface for applicants to interact with the law firm. So I thought, “We can build a platform that will allow that. Essentially, we’d be taking a whole new look at her. With training in technology and software development and training in product development. How can we create / provide something that allows lawyers to spend as little time as possible working with each claim. We know this is important to the claims economy – not having to put a lot of manual effort into every claim.
So that’s what we’ve produced, a solution that works on a management-by-exception basis, so basically the requester goes through a bunch of automated steps. And when they fall out of these stages or when they do not meet certain criteria, only then should they be taken care of by the law firm.
Q: I know you have a claims automation solution, can you explain what this solution is for?
A: The main advantage of the solution is that it increases the volume of customers. So what you tend to find is that if there is a bad experience with the requester, people are left out of the process. You spent money to acquire this seeker, you spend books or advertising dollars to get them down your funnel, to start working with them. But they are deprived of their right to vote, right? Either they don’t like receiving a lot of phone calls, or they feel like the process is insecure and is done via email without clear instructions. So if you have a good online process it increases the volume of customers. This is the first thing.
And it also cuts down on the time spent per client, because… the law firm only works with clients who do not fall under the automated process. It’s also plug-n-play, so if you want to start working on a new kind of topic, this week you might be building a book of show seekers, and the next week you want to initiate a request. shareholder.
You can launch it from the platform in a matter of days and start creating books. You don’t have to have a lot of different contractors and different systems that you have to change to start doing something new or different. You talk to us, we set it up for you, then you manage it through an interface that you know very well.
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