Attorneys and plaintiffs use The Legal Funding Group for financial assistance during the litigation process. Law firms use legal funding to expand upon their working capital, while plaintiffs use it after experiencing an injury and are low on funds. Living expenses and bills will accumulate quickly. If a plaintiff sustains a severe injury, they may not be able to return to work. While you or your lawyer may feel confident that a settlement will be reached, it can take some time for a payout to appear in your bank account. Our team at The Legal Funding Group will ensure that you have the financial security needed to live comfortably while waiting for your settlement.
The Legal Funding Process
Applications by Phone or Online
Our pre-settlement loan application can be completed by phone or online. The process is easy, and you will receive pre-settlement funding in New York City within 48 hours. We may request some standard documents from either you or your lawyer, or ask you to confirm the information on your application. We will contact you as soon as the funds are ready to disperse and make sure they are sent to the right place.
Ask Your Lawyer to Verify Your Funds
A significant factor in the legal funding approval process is your attorney. Your lawyer will be contacted before you receive an advance on your legal settlement. A release form will be sent to you that will allow us to confirm the necessary details of your litigation with your attorney. The form will notify your legal team that you are using The Legal Funding Group to help fund your case, and we will request that they submit the details of your case to us for loan approval.
For you to be approved for funding through our company, there are additional verifications that must be completed, including, but not limited to, validating your case details, which can be completed after a release form is finalized with your legal team. The total damages sustained must be verified to ensure that the defendant can pay the settlement. We will also see if there could be any previous cases that may negatively affect, prohibit, or change your case’s results.
The approval process for lawsuit loans in New York City includes the following: an examination of the legal funding application, case details, case verification, and legal team correspondence. If documentation and verifications are submitted promptly and carefully completed to our specifications, your approval and funds will be confirmed within 24 hours.
Once The Legal Funding Group has approved your legal loan, you can receive your money in several different ways. We can overnight you a check that can be directly deposited into your bank account, send you a cashier’s check, or wire the money into your account electronically.
Qualifying for Legal Funding
To qualify for funding such as a pre-settlement loan in New York City, the following criteria must be met:
- Your case must be strong. Legal funding companies assume risks by offering cash to plaintiffs before receiving a settlement. The Legal Funding Group needs to feel confident that the case will be resolved in favor of the plaintiff.
- Your attorney must represent you on a contingency fee basis, meaning that they are only paid if they win or settle your case.
- The defendant responsible for any injuries you sustained must pay damages through their insurance company or by themselves.
If the above criteria are met, we will also consider the following:
- Damages: These include financial, emotional, or physical losses resulting from your accident. Qualifying for legal funding in the past required a person’s injuries to be severe. Less severe trauma, such as soft tissue injuries (strains, sprains, etc.), is now considered by legal funding companies.
- Sufficient Investment Margin: In addition to attorney’s fees, a legal funding company will need to know about any expenses deducted from a settlement, such as a jury award or any liens against a settlement.
- Attorney Cooperation: The attorney must be aware that you are seeking legal funding in New York City and agree to it. They will need to provide information and documentation regarding your lawsuit to the legal funding company. The attorney must also acknowledge the agreement.
Attorney Funding in New York City
Attorney funding is available to lawyers who represent plaintiffs in lawsuits. This particular type of financing was specifically developed by legal experts to provide plaintiffs and their attorneys with financial security during the litigation proceedings.
Contingency fee lawyers can customize the funding to suit their economic circumstances, as their incomes rely on their cases either settling or concluding. Funding methods can be tailored specifically to each lawyer’s budget, time frame, and case. Attorneys can grow their firms by effectively preparing a winning case with a financial lawsuit cash advance through New York City lawsuit loans.
Attorney funding can help lawyers get the money they need quickly, to help them and their clients present strong cases with expert witnesses, studies, and other expenses.
Improved Cash Flow and Operating Capital – To effectively run a successful law firm in a competitive market, a steady stream of cash is needed. If a practice is faced with delayed payments, out-of-pocket litigation costs, and protracted cases, it can be challenging to succeed. Our expert team of specialists at The Legal Funding Group can help attorneys produce working capital, handle necessary expenses, and monetize non-liquid assets.
Developing Your Law Firm and Legal Practice – Without adequate funding, a law firm or a lawyer may not be able to implement marketing plans to acquire new clients. Attorney funding in New York City can help attorneys and law firms increase their overall reach.
Lawsuits We Fund
Law firms and personal injury victims can apply for lawsuit loans in New York City through The Legal Funding Group. The money can be used to cover expenses related to the following case types:
- Car Accidents
- Truck Accidents
- Motorcycle Accidents
- Premises Liability
- Nursing home abuse
- Dangerous Drugs
- Workers’ Compensation
- Personal injury
- Medical Malpractice
- Product liability
Legal funding in New York City can be provided for a variety of case types. If your case type is not listed here, contact our team to learn more about your funding eligibility.
Important Legal Information For New York City
Statute of Limitations
According to N.Y. Civ. Prac. L. & R. §214, personal injury cases based on negligence in New York have a three-year statute of limitations from the original date the injury occurred.
A pure comparative negligence rule is followed in New York. Regardless of the amount of fault attributed to the plaintiff, an injured plaintiff in New York can still recover from a negligent defendant. For instance, if a plaintiff is 90% at fault for an accident, they can still recover 10% of the damages that the defendant caused, but their recovery will still be reduced by 90%, according to N.Y. Civ. Prac. L. & R. §1411.
Personal injury protection, or PIP, must always be carried by drivers. Regardless of fault, PIP will cover any medical costs you or a passenger may incur in an accident, including work loss resulting from the accident, rehabilitation costs, or hospital bills. The minimum amount of PIP coverage required in New York is $50,000 per person.
Minimum Liability Coverage
For a single accident, the minimum amount of liability coverage you must have is $10,000. For the death of a person involved in an accident, the minimum amount of liability coverage is $50,000 and is $25,000 for bodily injury. For the death of multiple people in an accident, the minimum amount of liability coverage is $100,000 and is $50,000 for bodily injury.
Apply Today for Legal Funding in New York City
Our primary focus at The Legal Funding Group is to assist victims seeking the justice they truly deserve but cannot afford to achieve that outcome. When you choose the Legal Funding Group, our experienced legal funding specialists will work with you every step of the way so you can spend more time focusing on your recovery instead of feeling overwhelmed and helpless.
If you need legal funding in New York City to help you win your case, contact us today. We may be able to help.