Legal funding for lawyers
The truth is, personal injury claims are likely to take an extended time before concluding. This does not only leave the plaintiff financially vulnerable but also their attorney. 500 Cash Out provides financing and help when you’re in a prolonged litigation battle and need funds to make it till your settlement funds come in. Opposing counsel preys on people who need cash now and that’s where legal funding for lawyers comes in and we help you take your case all the way and maximize your settlement with funds that you don’t have to pay back.
An Overview Of Pre Settlement Legal Funding For Lawyers Plaintiff
Though during its inception, many lawyers and their clients were leery about it. But time has proven this financing option as a worthwhile and beneficial solution to keep the attorneys and their clients(plaintiffs) financially secure throughout the litigation process.
But, how? The legal funding for lawyers is designed to cater to contingency fees, especially for attorneys who rely on their case settling. This funding can be customized to suit the lawyer’s time frame, lawsuit, and budget. Through this cash advance, the attorney will be able to compile a winning case and grow their practice.
Why Do Attorneys Require Legal Funding?
Think of attorneys who take up a case on a contingency basis. What’s the guarantee they’ll get paid, and within what time? Yet, they have to sacrifice their expertise, time, and cash to win the case. Not to mention the lengthy time it takes to conclude these litigations and the uncertain process they carry.
So, expecting such a lawyer to wait until the settlement distribution point may leave them financially crippled. The legal funding makes it possible for the lawyer to endure and ensure successful prosecution regardless of the financial pressures they and their clients might be battling.
How Beneficial Is This Funding?
As mentioned earlier, litigations touching on personal injury or accidents tend to consume a lot of time. Meaning, it’s likely to take several years before a plaintiff gets a resolution for their case. As a result, lawyers end up financially exposed. Nevertheless, it’ll be unfair for them to bug the already struggling plaintiff with more financial issues yet have to ensure successful case representation.
With legal funding, attorneys can give every case the legal expertise deserved without any form of compromise that is often caused by a lack of sufficient funds. They can access the resources needed to do what they do best and run all the legal processes in a full course.
As you secure the cash advance available for plaintiffs, it’s also vital to ensure your attorney gets their share of legal funding. That way, you’ll not have to agree to an early settlement just because there are no sufficient finances to pursue the case to the end.
Legal Funding; Every Lawyer’s Chance to Protect Their Practice
Lawsuit delays shouldn’t be a reason for lawyers to stagnate their career and their law firm growth. Legal funding for lawyers allows every attorney to have steady cash flow throughout the lawsuit process until the case is concluded.
It’s likely for legal fees to be delayed, making it hard for a lawyer to manage their daily expenses, build cases and even look for new clients. But legal funding offers a solution that helps turn all these nightmares into successful stories. It enables attorneys to finance their practice eliminating any financial struggles that, if not otherwise, would take their legal profession to the drain.
What’s Unique About This Funding?
It’s a non-recourse investment designed to fit the needs of specific lawyers and their legal firms. For instance, if the lawyer’s biggest concern is their clients’ litigations, they can obtain this lawsuit advance to help prepare winning cases. Use the funds to pay for discoveries, hire expert witnesses, and other relevant expenses. It is an excellent financing option to lift the financial burden off the lawyer’s shoulders.
Why Consider Legal Funding Over a Bank Loan or Other Financial Institutions?
Obtaining any other form of credit besides lawsuit advance may not be a good move for lawyers. Often, banks and other credit facilities do run applicants’ credit checks to determine eligibility. This can have severe consequences to an attorney who does not meet the required bank standards, yet their credit is considered a determinant for their loan approval. Chances are, they won’t qualify for the financing.
Not to mention, banks and other credit facility institutions require collateral when approving loans. It can be a tremendous dilemma for attorneys with no business collateral, as their requests will be turned down since they don’t meet the standard criteria. Similarly, those who match the necessary standards might get approved for a bank loan or other line of credit. But the monthly payment terms and complexity in the application process may be an obstacle to lawyers in dire need of money.
On the other hand, the legal funding process is easy and can be completed in a few minutes, if not seconds. The attorney can have the finances transferred to their account within 24 hours. Above all, no monthly payments or interests are charged on the cash advance, and the attorney’s credit score does not come into play in the approval of legal funding. Besides, the lawyer’s repayment is based on the outcome of the cases surrounding the fund request.
How Does Legal Funding for Lawyers Work?
First and foremost, this form of financing is not a loan but a cash advance. The money given to the lawyers through legal funding is recovered from their legal fees, but that obtained by the plaintiff is regained from the plaintiff’s settlement award.
That means the funds can only be repaid following successful case closure and receipt of the future settlement. So, the attorney and their clients will qualify for legal funding if they have ongoing litigation or a concluded lawsuit awaiting settlement.
An attorney can qualify for this financing if they experience delays of legal fees payments for settlement-related but not limited to;
1. Wrongful death
2. Product liability
3. Slip and fall
4. Personal injury
5. Employment discrimination
6. Mass torts
7. Infant injuries
8 Medical malpractice
9. Class actions
10. Multi-district litigation
11. Truck accidents
The Legal Financing Application Process
Thanks to the ever-evolving technology, application for legal funding is now attorney-friendly. Tech-savvy experts in the field have structured this funding option in a more user-friendly way that aims to offer convenience to the applicants. What makes this financing solution simple and faster is that it does not require non-liquid collateral nor the lawyer’s credit rating. But the attorney must provide their;
future receivables
case inventories
personal details and that of their law firm
convincing evidence for the specific lawsuit
proof of an accord between the lawyer and the plaintiffs of the specific case inventories
The lawyer can decide to apply for the advance at their comfort, provided they have an electronic device and agree with the specific plaintiff’s. All they need is to visit the website of their preferred legal funding company, key in all the required details, and attach the necessary backup documents.
The lender’s underwriters will evaluate the application, contact the two parties (the attorney and plaintiff) if need be, and are likely to approve the request if they consider the case as having a higher chance to result in a successful closure.
Types of Legal Funding For Lawyers
Pre-settlement funding
When representing their clients (plaintiff), lawyers will need finances to gather all the necessary evidence and compile reports that will help build a successful case. That’s where this legal financing option comes in handy.
Post-settlement funding
Sometimes, an attorney may have to wait for long before receiving their legal fees, which may hinder their ability to secure new business, remain successful, support their practice, and pursue other unresolved cases. It’s then; they should consider getting this type of litigation advance.
Opt for Legal Funding For Lawyers Today
The bottom line is lawyers can access legal funding whenever they face financial struggles. Lawyers seeking to grow their practice but are financially unstable should consider obtaining lawsuit advance provided they meet the required criteria. No need to wait when they can access stress-free, non-recourse legal funding for lawyers?
