The survey, by Isle of Man-based funder Vannin Capital, also found that strong personal relationships also played a key role in choosing a third-party funder.
However, unrealistic terms and general inflexibility were cited as the hardest aspects of dealing with funders and the reason some are put off seeking funding at all.
Partnership
Around half of those surveyed said that the Jackson reforms will make litigation funding more attractive. More than eight in ten solicitors claimed it is likely that they will consider using funding in the next 12 months.
Vannin Capital consultant Nick Rowles-Davies commented: ‘A good funder will be able to show they have the money ready to go, will make rapid decisions, and will develop a genuine partnership with the solicitor and their client.’
The survey was conducted between December 2012 and February 2013 and taking the opinions of 31 lawyers.
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