The Legal Funding Group’s purpose is to offer plaintiffs and their attorneys the funding they need to pursue their claims. Law firms use legal funding options to bolster their working capital, and plaintiffs use it in the aftermath of an accident to bridge the financial gap as their lawsuit progresses.
Following a traumatic accident, medical expenses and the routine costs of living will often become burdensome, especially when a plaintiff cannot go to work due to the harm suffered. While you and your attorney may feel good about your chances of prevailing in the end, there may be a significant delay until settlement funds or a damage award reaches your bank account. Therefore, the Legal Funding Group stands ready to provide claimants in Philadelphia, PA, with the resources they need to continue their lives while awaiting their cases’ final resolution.
The Process of Obtaining Legal Funding
Telephone/Online Application Process
Pre-settlement funding through our company in Philadelphia, PA, requires the completion of a quick phone or online application. The process of completing the application is simple and can help get pre-settlement resources to you promptly. We may request a series of documents from your attorney or you personally to confirm the accuracy of the information provided in support of the application. This is critical if we need to get in touch with you to ensure your funds’ proper routing.
The attorney with whom you are working is a crucial element during the legal funding approval process. We will contact the lawyer ahead of providing you with the proceeds of your settlement advance. You will receive a release form that allows us to confirm your lawsuit’s critical details with the lawyer handling the case. This document notifies your lawyer that you are obtaining resources from the Legal Funding Group and requests information about the case that we need to approve the settlement loan in Philadelphia, PA.
Details we may seek include but are not limited to things such as the facts of the case at issue, and this is something we can only receive if you allow your legal representatives to release that information. It is also necessary for us to verify the number of damages suffered in the case and affirm whether the defendant will be financially able to pay the settlement amount. Lastly, we need to check for any prior litigation that could impact the case’s outcome or hinder your chances of receiving a settlement or damage award.
Approval and Disbursement
When the time comes to approve your application for lawsuit funding in Philadelphia, PA, we will conduct a thorough review of your case’s facts, information received from your lawyer, and verification of all other relevant details. Provided that we receive all requested materials promptly, it is often possible for us to approve and disburse funds in as little as one day.
After receiving notification of loan approval from the Legal Funding Group, we offer several ways to receive the funds. You may opt to receive a check via overnight courier, which you can then deposit into your bank. We are also happy to wire funds directly to your account electronically, and we can also send the funds via cashier’s check.
Qualifying Criteria for Legal Funding in Philadelphia, PA
To be approved for legal funding of this sort, some fundamental criteria must be met:
- Your case must be a promising one. Given that the legal funding firm is taking on a degree of risk by advancing funds in anticipation of a settlement, it needs to be confident that you will likely prevail.
- Your lawyer needs to be working on a contingency fee basis, meaning that he or she will only be paid if there is a financial recovery in your case.
- The defendant in the case needs to be able to pay the settlement or damage amount either personally or through insurance coverage that is in place.
If these standards are met, a legal funding company is sure to consider the following:
- The scope of your damages, including the physical, financial, and emotional losses, suffered. This can even include less severe types of trauma, including sprains and soft tissue injuries.
- Investment margin. The legal funding company will want to be aware of any expenses or other fees that will be deducted from the legal settlement in addition to the attorney’s fees. Liens against damage awards or settlements need to be disclosed.
- Attorney agreement. Lastly, your lawyer needs to be aware of and agree with the pre-settlement loan receipt in Philadelphia, PA. He or she will have to supply essential documentation about the case, and the lawyer must also formally acknowledge the agreement being made.
Attorney Funding in Philadelphia, PA
The concept of attorney funding is a method whereby lawyers who represent plaintiffs in litigation can obtain funding to facilitate the process of seeking justice in a particular case.
Funding of this sort is designed to help lawyers who work on contingency and whose very incomes are dependent on whether or not their clients’ cases settle or yield a damage award. These funding options can be customized to suit each attorney’s situation, budgetary needs, and time constraints. By taking advantage of this type of funding, lawyers can devote sufficient resources to winning their clients’ cases and expand their law firm in the process.
A handy feature of attorney funding is that it allows lawyers to mount stronger arguments for clients, enlisting expert witnesses’ aid, and marshaling other vital resources that can be quite costly to pay for upfront.
Enhanced Cash Flow and Capital – Law firms require healthy cash flow to operate effectively. If cases go on for lengthy periods, and there are hefty out-of-pocket expenses involved, practices can begin to languish. The Legal Funding Group is committed to helping attorneys and their law firms succeed by providing the working capital necessary to keep things running smoothly as their practice grows.
Building a Lasting Practice – For law firms to establish a strong client base, it is often necessary to engage in expensive marketing plans. This can be difficult, if not impossible, to do without an infusion of cash in the early days. Legal funding of the type we offer can help
Types of Cases We Fund
The Legal Funding Group is proud to offer lawsuit loans in Philadelphia, PA, for a wide array of personal injury matters, including:
- Medical Malpractice
- Car Accidents
- Truck Crashes
- Worker’s Compensation
- Dog Bite
- Nursing Home Abuse and Neglect
- Dangerous Drugs
- Premises Liability
- Consumer Product Liability
Important Legal Information For Pennsylvania
Statute of Limitations
In Pennsylvania, there is generally a two-year time limit to file a claim for a personal injury, fraud, or trespass claim. Generally speaking, the time begins to run on the injury date or the date on which the injury was discovered.
Concerning the law of negligence, Pennsylvania adheres to a modified comparative negligence rule. A plaintiff is only permitted to pursue damages from a defendant if he or she bore less than 51 percent of the blame for what occurred.
Pennsylvania law does not have damage caps for personal injury cases, except for claims lodged against governmental entities.
Minimum Liability Coverage
In terms of minimum auto insurance coverage in Pennsylvania, drivers must carry $15,000 per person in bodily injury coverage, $30,000 per accident event. They must also have $5,000 coverage for property damage liability. Uninsured motorist coverage is required at $15,000 per person, $30,000 per accident event. Underinsured motorist coverage is required at the same levels.
Apply Today for Legal Funding in Philadelphia, PA
The Legal Funding Group’s main priority is to assist injury victims in need of financial help to pursue the justice they deserve. By selecting the Legal Funding Group, you will be able to rest assured that you are working with a team of caring, well-trained specialists who can shoulder the burden for you and provide the help you need at a difficult time in your life.
If you need legal funding in Philadelphia, PA, contact us today for more information or apply online.