Shield Legal Funding
As a litigation finance company, Shield Legal Funding provides rapid funding to law firms and claimants during and following legal disputes, which include car accident and other injury cases. With its corporate headquarters in Pennsylvania not far from JG Wentworth, thousands of individuals have been financially empowered by the company to fight through their lawsuits and arrive at the settlement that they deserve. This is largely due to the funding allowing them to remain above water while they await the settlement funds.
With the slogan “Empowering Your Case, Protecting Your Lifestyle,” this is a privately-owned, well-funded company that does not operate under the dictates of hedge funds. As such, they are able to provide better solutions to provide assistance to more individuals as they face their personal hardships. Staff members provide the highest level of customer service and they are committed to working assiduously on behalf of their customers during each step of the process. In our list of pre settlement funding companies Legal Shield is highly rated for 2022 loans.
Legal funding is essentially a procedure through which attorneys and/or clients can receive advanced money against their prospective settlement via a third-party financing company. The process is also referred to as professional funding, litigation financing, legal financing, third-party funding and settlement funding.
In addition to the funds needed to fully settle the claim, legal funding provides peace of mind. Individuals no longer have to settle for less money due to lack of money or time to go through the whole legal process.
In contrast to a loan, no payment is required if you do not get a verdict or settlement. Additionally, no payment is due until the awarding of a settlement. The advance is paid back by the attorney out of the settlement proceeds. No restriction is placed on how the money can be used; it can be used to take care of any financial needs such as utility bills, rent and groceries. The process is easy and fast, allowing individuals a 48-hour window to get cash in hand.
By Whom Can Legal Funding be Used?
This type of funding can be used by both claimants and lawyers to take care of a variety of needs.
Legal funding can be used by clients to:
• Take care of day-to-day expenses following an accident or after experiencing an emotional or physical hardship while waiting for a settlement award.
• Cover cost-of-living expenses even after the settlement of the claim, while they await the arrival of their post-settlement check.
Legal funding can be used by lawyers to:
• Serve as an advance on a prospective fee before the settlement of the claim.
• Fund costs associated with the case including witnesses and expert reports
• Receive payment after settling a case, while they await the arrival of their post-settlement check.
Cases Eligible for Legal Funding
Legal funding is intended typically to provide assistance for accident victims who have been injured by another and their lawyers. Some of the cases for which Shield Legal Funding provide assistance are outlined below:
• Construction Accidents
• Motor Vehicle Accidents
• Slip and Fall Accidents
• Medical Malpractice
• Product Defects
• Civil Rights
• Dog Bites
• Workplace Injury/Worker’s Compensation
Difference Between a Loan and Legal Funding
Legal funding is a lot different from a loan. Legal funding can be secured as a non-recourse cash advance in return for a percentage of the settlement. However, the client is not obliged to repay the cash advance if the case is not won. Repayment is always required when a loan is taken out.
A credit check is required by the bank before a loan is approved and this could be a challenge for the client. Credit checks are not carried out by Shield Legal Funding. Additionally, loans require monthly payments and this typically starts right after finalizing the loan. Legal Funding is paid only when the case has been settled in favor of the claimant.
How Does It Work?
Shield Legal Funding buys a portion of the potential settlement of the claimant) or legal costs/fees of the lawyer and advances those funds to them. Typically, personal injury claims take between 18 and 24 months to settle; other litigation procedures could take even longer. As such, legal funding enables the lawyer or claimant to instantly access some of their prospective settlement funding.
Upon the approval of the application, all parties involved must sign paperwork outlining the terms and conditions of the advance and the schedule for the interest. After this, the money will be disbursed. The lawyer will repay the advance upon the completion of the legal process if a settlement was awarded.
Distinction Between Pre-settlement and Post-settlement Financing
Shield Legal Funding can deliver financial assistance to cover any out-of-pocket expenses while your case is pending and you await a settlement. Providing funds to cover financial obligations, claimants will not have to feel compelled to settle for less.
If your case was successful and you are waiting for the settlement check, an advance can be provided by Shield Legal Funding. You will be able to access funds while the settlement goes through the process of moving from the insurance company to the trust account of your attorney.
Amount of Money that Can be Received
The amount of funding that can be received by a client depends on the individual claim. Funding experts and underwriters will conduct a review of the application and establish the value of a case based on experience and expertise in the field of personal injury. After this is done, these professional will offer a percentage of the expected settlement.
In this situation, your case has already been won and the settlement money you are due is known; as such, post-settlement funding is an easier process. Funding experts at Shield Legal Funding will talk with you about your needs and make you an offer of a portion of your settlement that is intended to keep you afloat while you wait on the settlement amount to come through.