Call us now at 1-800-598-1178
to get started.
- What types of funding do
you provide to attorneys?
We provide the following types of funding to attorneys.
- law firm loans (actually an advance against expected
contingency fees) or attorney funding
- pre-settlement funding for clients
- settlement advance funding
- appellate funding
- structured settlement refinancing
- What are the basic
requirements for attorney funding?
The basic requirements for attorney funding are listed below.
- the attorney must have legal malpractice insurance
- the attorney cannot be in bankruptcy
- the attorney must have good credit or have a partner
willing to co-sign the loan agreement that has good credit
- the collateral for the loan must be fee income from a
group of contingency fee cases (settled or unsettled)
- I need money to pay for
expert witnesses. What options can you offer for funding expert
witnesses?
The main option is
for your firm to obtain a loan against your expected fee income from a
group of contingency fee cases, and use all or part of these funds
to pay expert witnesses.
- How does the law firm
loan
work?
A law firm loan
(also sometimes referred to as "attorney funding") is
created using the expected fee income from a group of contingency fee
cases as collateral for the loan. The value of the law
firm loan is between 10% and 20% of the estimated contingency fee
income. Please click
here for more details on law firm loans.
- What can the law firm
loan
be used for?
The law firm loan
has no restrictions on how it is used. It can be used for expert
witnesses, paying deposition expenses, hiring additional staff, paying
salaries including your own,
and paying down other debts of the firm including tax liens.
- What types of
pre-settlement
funding do you provide?
We can provide pre-settlement funding
for your clients. To learn more about how we can help your clients,
please review the page on FAQ's
About Lawsuit Funding.
- What is "settlement
advance funding"?
A law firm loan can be can be made using fee income that is anticipated
in the near future from settled cases. The fee income from the
settled cases can be combined with estimated fee income from pending
cases to establish the overall loan amount.
- What is appellate
funding?
Appellate funding is funding provided after a judgment has
been won, but is being appealed. It can be used to cover the
same types of expenses as pre-settlement funding. The advance
percentages may be higher than for pre-settlement funding because more
is known about the case.
- What is "structured
settlement refinancing"?
If you settled a case as a "structured
settlement" and your fees were also to be paid out over time
according to the "structure", then you have the option of selling all
or part of those future "structured payments" to receive a cash
payment today. The same can be done for the client for whom
the "structure" was created.
- What are the fees for
pre-settlement and appellate funding?
The fees for pre-settlement and appellate funding vary depending on the
risk associated with the cases involved. They include both one time
fees and fees that are charged for each month the advanced funds are in
use.
- Is there "recourse" on the
funding for attorneys?
This depends on the type of
funding. Pre-settlement and appellate funding do not have
"recourse". If the case is lost, nothing is owed. The law firm loan may
or may not have recourse depending on the situation and
the underwriter providing the funding.. Accounts receivable
funding will usually have "recourse" unless the client goes
bankrupt. In other cases where the client does not pay the
invoice, the law
firm must either repay the advanced amount plus fees owed, or replace
it with another receivable of equivalent or greater value.
- Can you fund my clients?
Yes! We provide the following types of funding for your
clients.
- pre-settlement funding
- appellate funding
- structured settlement refinancing
- advances from estates in probate
- How will an advance to my
client affect my fees?
There are a number of possibilities here. The table below shows the
most likely possibilities.
Outcome after advance is made
|
Effect on attorney's fee
|
Case settles for more
than expected because advance allowed you more time to obtain a more
favorable
outcome for your client
|
A larger settlement
should result in a larger fee to you.
|
Case settles for about
what was originally expected in spite of getting the advance
|
Your fee should be
what you originally anticipated for the case.
|
Case settles for less
than expected recovery
|
In this situation all
parties are probably getting less than they would have otherwise.
|
Case is lost with no
recovery
|
No effect because
there is no fee in this outcome.
|
- Is pre-settlement
lawsuit funding a "good deal" for me and my clients?
This depends on the situation. Pre-settlement lawsuit funding is
definitely a "good deal" when it enables you to reach a settlement or
judgment that
more than pays for the cost of the financing. When
you are able to reach a higher settlement value both you and your
client win. You earn a higher fee and your client may also walk
away with a larger final amount. It
may still be a "good deal" even it does not quite "pay" for itself if
can help to bring medical or economic relief to your client while going
through
the lawsuit process, and also lessen the calls you get from your
clients asking for loans or requesting quick resolution of their
cases.. Pre-settlement lawsuit funding is a tool to be
used by you and your clients when it appears appropriate for any number
of reasons for the situation.
If you have additional questions, or if you would like to learn if
funding can be obtained by your firm, please
click here to contact us .
Call us now at 1-800-598-1178
to get started.
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