In any typical year, the volume of litigation funding and insurance applications drops between July and early September. Whilst this is inevitable as the allure of the holiday period takes over, this year might be an exceptional year for lawyers to think twice about leaving applications until later in the summer.
During February and March 2013, the market was flooded in the pre-LASPO surge of applications as commercial litigators sought to take last minute advantage of recoverability rules. As has been well publicised, this resulted in vast volumes of business being written by the risk transfer market. However, for a number of insurers and funders this has left a void in subsequent months’ budgets. The pressure is now building for these providers to meet their mid-year targets which, for clients, means an opportunity to secure discounted rates and with faster than usual response times.
If you have a commercial case potentially in need of litigation funding or insurance, now might just be the best time in the financial year to make an application.