Due to the nature of working on a contingency fee basis, lawyers may sometimes need financial assistance. The good news is that there are services now available for lawyers who represent plaintiffs. Legal funding for lawyers was developed to help law firms stay financially solvent during lengthy litigation periods.
Legal experts created this kind of funding to be uniquely customized for each specific lawyer’s needs. Because these lawyers work on a contingency fee basis, they must wait to get paid until a lawsuit is settled or concluded. A workable financial solution can be reached by evaluating each law firm’s budget and time frame needs. With legal funding for lawyers, firms can devote more attention to working on active cases and growing.
How to Get Approved For Funding
- Complete an Application
Upon completing an application and submission to The Legal Funding Group, you can discuss options by phone within one hour’s time with our specialist.
- Choose a Funding Option
The specialists at The Legal Funding Group will spend as much time as needed to determine the absolute best option that will help you achieve your financial goals.
- Funding Gets Approved
Within a period of 48 hours, the requested funds can be available and deposited into your account. No credit score is necessary, and neither is any financial history information. This unique type of funding is approved by looking at the health of a firm, the number of years in business, public records, cash flow, vendor payment history, the strength of legal cases, and business revenue.
- Repayment Choices
Various details of the chosen type of funding will help determine repayment options. Following a complete discussion of all possibilities and terms, a lawyer will have a clear understanding of what to expect. This allows for accurate planning. The application used for our financial services is entirely different from one that is used for a line of credit or a typical bank loan. Our application is structured with lawyers in mind.
While banks want non-liquid collateral in order to loan finances, a legal funding company accepts the strength of lawsuits and future receivables for collateral. The Legal Funding Group values pending lawsuits for their potential worth and will accept these inventories as the foundation for providing a cash advance.
No personal credit checks are required to approve applications because these cash advances are not made as personal expenses; they are business expenses. Additionally, lawyers are not personally responsible for the repayment of these funds. Repayment amounts come straight from lawyers’ administrative accounts or from escrow accounts.
Why Should a Lawyer Apply for Funding?
In many ways, this type of funding is far more beneficial to law firms than conventional loans. For starters, having no credit checks, no application fees, and a “no win – no pay” inclusion makes the funding extremely desirable. No extensive paperwork to complete adds to the ease of the process. Having these added funds available allows for quicker movement of lawsuits by providing costs for filing claims, moving through discovery, hiring expert witnesses, and proceeding to trial.
Even if a case does not go to trial, the legal process can drag on for months and years. No one has a crystal ball that permits a future view of the outcome, but legal funding for lawyers helps cover necessary costs during the long haul. This alone helps shore up a lawyer’s resolve to tackle insurance companies and spend sufficient time to force them to respect a plaintiff’s claim.
Among the benefits of acquiring legal funding for lawyers are:
- Coverage becomes available for such expenses as advertising, operating costs, discovery, and payroll
- More capital is available than with a bank or traditional litigation finance company
- Repayment of funds is only required if the case is won or there is a settlement amount
- There are no hidden fees, no middlemen, and no out-of-pocket expenses
- A swift, hassle-free application process with quick approval
- Enables a lawyer to perform legal services on a contingency fee basis
Settlement Delays and Stalls Affect a Law Firm
Everyone knows that any business needs a steady flow of capital to exist. When a lawyer’s pay is delayed on cases, a struggle begins. How will day-to-day office expenses be paid, and how can research continue and expert witnesses be hired? The lifeblood of many law firms is the consistent flow of incoming fees. New clients must be found, and cases must be built using this cash flow.
The unique structuring ability of lawyer legal funding allows a solo practitioner to operate on a scale similar to a larger firm with a pool of financial resources. No longer do contingency fee delays dictate how a skilled lawyer will handle a case.
Get in Touch With The Legal Funding Group
Take control of the reigns of a wayward financial situation, and let us help you obtain a needed financial boost to move your law firm forward. Because it can be weeks or months, or even years before a lawsuit is settled or a verdict is rendered, this extreme delay can be a recipe for financial disaster to a contingency fee lawyer. Let The Legal Funding Group work with you to provide the funds you need so you can spend your valuable time focusing on your clients.
Contact us today at (912) 777-3997 or fill out an online contact form.