As an attorney, you know better than anyone that personal injury lawsuits can take months (or even years) before you reach a fair settlement. The entire fight will see copious expenses for litigation and operation—from hiring experts to discovery efforts.
For that reason, contingency fee attorneys may need extra working capital to keep the train on the tracks. Here are a few ways to receive funding before and after litigation.
Pre-Settlement Funding
Many firms have programs set up to provide attorneys financing to keep the case going. We understand that sometimes a long timeframe is crucial to secure the best possible settlement for your client.
Funders will look over the case, analyzing everything from the type of case to the settlement potential to your plaintiff’s commitment. If the funder believes the lawsuit is solid, you’ll receive the financing you’re looking for.
Work With Your Client
Lawyers aren’t the only ones who can secure lawsuit funding. Work with your client and explain their options for payment—pre-settlement loans are a viable option that can help low-income individuals get access to justice. The process works similarly to pre-settlement funding for attorneys: a firm looks over the suit and determines its likelihood of success.
Many people mistake pre-settlement funding for a loan. In truth, it’s significantly safer. A personal loan requires repayment whether or not the plaintiff wins their case. With pre-settlement funding, your client is only responsible for repayment if they win. Otherwise, they’re off the hook.
Post-Settlement Funding
Unfortunately, there’s often a large gap between winning a case and collecting the award. Don’t worry—we can help! Post-settlement funding for attorneys allows you to fund your business while waiting for the settlement to pay out. This lets your firm thrive immediately after winning a case instead of needing to wait weeks or months to collect your award.
Now that you know these ways to receive funding before and after litigation, enjoy consistent cashflow through the post-settlement process.
