What is Crowdfunding? Wikipedia defines Crowdfunding as "The practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. Crowdfunding is a form of crowdsourcing and of alternative finance."
In 2015, it was estimated that worldwide over US$34 billion was raised this way. Litigation crowdfunding allows plaintiffs or defendants to reach out to hundreds of their peers simultaneously in a semiprivate and confidential manner to obtain funding, either seeking donations or providing a reward in return for funding - Wikipedia.
Today, many people who can not afford attorney fees, court, trial or litigation costs etc. make use of crowdfunding sites to raise money for their legal expenses.
The legal sector has seen a steady increase in 3rd party funding over the last few years, where websites are promoting the use of litigation crowdfunding, where hundreds or even 10's of thousands of people can assist with legal dispute costs, either by investing in a case in return for part of a contingent fee, or offering funding donations to support a legal right that they believe in.
It is possible to raise capital to cover legal costs for criminal defense, custody fights, civil rights lawsuits etc., particularly if enough people provide donations to your crowdfund campaign, your case involves controversial issues, or a possible court ruling that may affect many people who may see themselves facing the same, or similar circumstances, at some time.
If a possible ruling or decision may negatively affect the high finance online tech world, including popular websites, or the Internet in general, then the chances of you receiving major funds from big players to support your battle, or legal defense, may increase significantly!
This is a list of just some of the websites that provide specific categories for crowdfunded legal donations.
Launched in 2010, GoFundMe states it is the world's largest social fundraising platform, with over $4 billion raised so far.
Indiegogo is an online crowdfunding venue for people and entities seeking to raise funds for their own Campaigns and to contribute to the Campaigns of others.
Start a FundRazr for legal costs, red tape, regulatory expenses or other legal fees. Fundraising for lawyer bills, estate expenses, administration or contracts.
From Their Website: The only place on the internet that is FOCUSED on helping people harness the power of crowdfunding to raise money to hire attorneys or right a social wrong - We transfer funds to you as quickly as we can process the credit card donations. No need to wait for a campaign to finish.
GoGetFunding is a crowdfunding website that lets you raise money for anything that matters to you. Do you need to raise money for legal expenses such as a legal defense fund? Create your campaign in minutes and rally support from those that believe in you and your cause.
CrowdJustice applies the crowdfunding model to the law with funds going to the lawyer's client account. Creating a crowdfunding page at CrowdJustice only takes a few minutes.
According to the JustGiving website they have helped people in 164 countries raise over $4.5 billion for good causes since they were founded in 2001.
FreeFunder was created in order to provide a completely free option for people who are raising money for personal causes. FreeFunder allows fundraisers to create free personal crowdfunding campaigns, with NO platform fees.
The LexShares platform, launched by co-founders Jay Greenberg and Max Volsky, is an online marketplace for litigation funding, similar to equity crowdfunding. LexShares connects plaintiffs in commercial legal disputes with investors to fund their cases. LexShares Marketplace Fund I (LMFI) provides accredited investors with the ability to invest in multiple legal claims through a single fund allocation. LMFI will invest in claims posted to the LexShares platform as well as other litigation finance opportunities.
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