Third Party Funding & Financing Products for Plaintiff Lawyers
Attorneys funding provides financial assistance to law firms representing plaintiffs. Other terms include legal lending, lawsuit funding, litigation finance, and law firm financing. This type of financing was developed specifically by legal experts to financially assist attorneys and their clients during their trials.
There are customized legal funding options available to contingency fee attorneys whose salaries depend on cases settling or concluding. The methods of funding can be tailored specifically to each attorney’s case, budget, and time constraints. A financial lawsuit cash advance through legal funding allows more time for an attorney to prepare an effective case and can help their law firm grow.
How Legal Funding Can Be Used
Litigation funds can strengthen program development.
Funding can be used as working capital to cover firm expenses, including operations, overhead, and salaries.
Funding can be used to cover court fees, trial exhibits, expert witnesses, and an attorney’s hourly fees.
How Law Firm Legal Funding Differs from Traditional Bank Loans
Legal lending provides a means of alternative financing to bank loans or other lines of credit that is practical and accessible. Traditional banks typically require collateral from the lawyer in exchange for funding, and the partners of the law firm are also required to give them a personal guarantee. Unearned contingency fees from lawsuits will not be accepted as collateral.
Law firm funding is different from lines of credit and loans from a traditional bank in two different ways:
1. No Fixed Payments
No fixed payments are required for law firms or attorneys because law firm funding is specifically designed for them.
2. Non-Recourse Capital
Law firm financing is not a loan – it is collateralized by future contingency fees through a non-recourse advancement of capital.
The obtainability of lines of credit and bank loans to law firms is a lengthy, uncertain process that often leaves law firms and attorneys without the capital necessary to grow their practices, initiate marketing campaigns, and pursue new business.
Legal Funding Group Financing
We fund law firms and attorneys, as well as working capital, for all facets of your contingency fee practice.
Our associates at The Legal Funding Group offer financial assistance to major law firms in every practice area. We have experience with in-house civil litigation cases, which gives us the ability to understand the challenges and business goals of your firm, no matter what type of cases your law firm deals with.
We work with a variety of personal injury firms by providing them with the resources they need to manage their money and grow their firm. We provide attorney funding for the following case types:
Nursing Home Abuse
Law Firm Funding Accelerates Growth
Legal funding is an effective way for both law firms and lawyers to ease cash burdens associated with commercial and contingency fee legal practices.
Legal funding also provides liquid assets to law firms and lawyers who are engaged in a diversified practice, so they can spend more time focusing on litigating cases and improving case outcomes against highly-capitalized defendants.
Lawyer funding and law firm loans help finance the expensive costs associated with lawsuits, including pretrial procedures or intricate discovery, which can take months or years to settle in court. Lawsuit funding will get you the cash you need to help you and your clients present strong arguments with studies, expert witnesses, and other possible expenses.
Improved Operating Capital and Cash Flow
A steady flow of cash is required to effectively run a law firm, and in a competitive market, it can be difficult to succeed if a practice is faced with protracted cases, out-of-pocket litigation costs, and delayed payments. Our specialists at The Legal Funding Group enable law firms and attorneys to build a cushion for necessary expenses, produce working capital, and monetize illiquid assets.
Developing Your Legal Practice and Law Firm
In order for a law firm or an attorney to acquire new clients, they may not be able to implement marketing plans without adequate funding. Our legal funding allows law firms and lawyers to increase their reach.
Attorney Legal Funding Process
Fill Out an Application
Within 1 hour after your application has been submitted to us, one of our team members will contact you to discuss your options during regular business hours.
Select a Funding Option
Our legal funding specialists will work alongside you to help you determine the best attorney funding option to suit your needs and achieve your goals, without compromising your financial situation.
Your Funding Is Approved
Within 24 hours, your funds will be approved and deposited after our team helps you figure out the best funding option for your situation.
The terms of your repayment will depend on the specific details of the law firm funding you are using. You will know what to expect so you can plan accordingly as we discuss our terms with you in advance. Litigation finance applications are designed with lawyers in mind, which is why they have a different structure than a bank loan or a line of credit does.
Future receivables will be accepted as collateral by a legal funding company, unlike a bank, which typically requests non-liquid collateral in exchange for future assets. We recognize the value of a pending settlement or lawsuit, which is why we will accept case inventories to prove that law firms and attorneys will be able to pay these advances back.
There are two reasons why personal credit checks are not required by The Legal Funding Group to confirm an application. Funding advances are considered business expenses instead of personal expenses, which makes a personal credit check unnecessary.
Once an agreement has been approved, an attorney can receive their funding within 24 hours. The funds can be used to enhance a lawyer’s business with no limits.
Approval from The Legal Funding Group is never based on a person’s credit score. We focus on the overall health of your law firm, including public records, years in business, vendor payment history, cash flow, and business revenue, as well as on the viability of your cases.
Why Choose The Legal Funding Group?
It can take months for a traditional lender to process your application, and they require extensive paperwork. The likelihood of your loan being approved is also very slim. Your clients are your number one priority and our team at The Legal Funding Group understands this. Our application process is quick, and we streamline our approval process to give your legal practice the funding they need in under 24 hours, so you can spend more time focusing on your cases and less time worrying about money.
Compared to bank loans and other traditional loans, we have fewer requirements for attorney funding. We will never give you more capital than you can manage on your own, and we will never over-leverage your firm. We will work with you every step of the way to figure out what type of funding works best for your practice. If you have any questions about the process, we will always be there to help.
Apply for attorney funding online or call (912)-777-3997 to speak with a representative.