Financial support is available to plaintiffs and lawyers through The Legal Funding Group. Pre-settlement funding in Los Angeles can be acquired to help a law firm expand its working capital or for a plaintiff who has fallen on hard times financially during a lengthy legal process. For accident victims who were injured mentally, physically, or emotionally, the ongoing burden of a lengthy court case can bury them in debt. Living costs and medical expenses continue to mount, while many plaintiffs are unable to work due to the extent of their injuries.
While it may appear certain that a settlement will be forthcoming, there could be a longer wait than anticipated for a settlement payout to reach the plaintiff’s bank account. For this reason, The Legal Funding Group exists to help ensure that plaintiffs can live comfortably while waiting for their lawsuit to be resolved.
How Does Legal Funding in L.A. Work?
Online or Phone Application
Applications for a pre-settlement loan in Los Angeles CA can be completed online or with a short phone call. Standard documentation from the applicant and attorney will need to be provided, and the application information must be confirmed. With this step completed, our company will have the correct information necessary to process your funding.
Contact Attorney for Verification
Because the applicant’s attorney is such a vital part of the process, our company will contact them to discuss the case. Before requesting confidential information, we will get a signed release from the plaintiff, authorizing us to confirm the necessary details with their lawyer. This form notifies your legal representative of the application for funds and the request for case details.
Specific verification must be received by The Legal Funding Group to enable us to determine approval for the cash advance. Such confirmation will include, but not be limited to:
- Details of the lawsuit – After a signed permission form is received, our company requests specific case details from the attorney.
- Total sustained damages – This includes physical, financial, emotional, and property damage. Also, verification will be made that the defendant can pay a settlement amount.
- Check for previous lawsuits – A search will be done for any past legal cases that could prohibit, alter an outcome, or adversely affect the case’s result.
Approval of Loan – Transfer of Money
To approve lawsuit funding in Los Angeles CA, we will do a comprehensive exam of the application, case details, and legal correspondence. Also, we will verify any other applicable information. Once all required documents and verifications have been correctly submitted, our company can approve and transfer the requested funds within approximately 24 hours.
After approval of the cash advance through The Legal Funding Group, a plaintiff can receive the funds in a few different ways:
- Our company can overnight a check, and the recipient can then deposit the funds directly into a bank account.
- We can wire the funds straight to a bank account.
- The plaintiff can request a cashier’s check be sent.
Qualifying for Legal Funding in Los Angeles CA
Some essential criteria must be met to qualify for legal funding. Among the requirements are:
- The plaintiff must have a strong case. When a legal funding company provides a cash advance to a plaintiff, the company assumes a great deal of risk by basing this action on a potential settlement. To provide the money, the company must have confidence that the lawsuit will end successfully in the plaintiff’s favor.
- The plaintiff must have already acquired a lawyer who took the case on a contingency fee basis. This payment method means that the attorney will only receive a payment if the case is won or settled in the plaintiff’s favor.
- The party who is being sued (the defendant) must have the financial means to pay all judgment damages himself or through an insurer.
If these criteria are met, the legal funding company will then consider the following:
- Damages – Included within this term are the physical, financial, and emotional losses suffered from the accident. Formerly, an individual would have only qualified for a lawsuit loan in Los Angeles CA, if the sustained injuries were too severe. However, legal funding companies now consider less serious physical injuries, like strains and sprains, as qualifications for cash advances.
- Sufficient Margin for Investment – Before making a final decision for advancing funds to a plaintiff, a legal funding company wants to know the expenses that will be coming out of a settlement along with lawyer fees. Liens are an example of items that need to be disclosed to the funding company.
- Lawyer’s cooperation – Lastly, the plaintiff’s lawyer must be agreeable to the legal funding option. The attorney must provide the necessary documentation and pertinent information about the lawsuit. The lawyer is also usually required to acknowledge the funding agreement.
Attorney Funding in Los Angeles CA
A legal funding company can also provide financial assistance to attorneys who represent plaintiffs in lawsuits. Legal experts have developed this special kind of financing for plaintiff lawyers to ensure financial security during lengthy litigation processes.
One of the advantages of this kind of funding is that it can be customized to benefit contingency fee attorneys who have incomes dependent on successful lawsuits and settlements. Such funding techniques are somewhat flexible and can be tailored to fit each lawyer’s case, time frame needs, and budget. Choosing to use this funding option allows a lawyer to work on a winning case while also effectively growing the law firm.
Attorneys can receive needed cash that allows for more extensive research to present stronger arguments and the hiring of expert witnesses. Other unforeseen expenses can also be covered through attorney funding.
Improve Cash Flow and Operating Capital – Without question, a law firm must have a steady cash flow to run effectively. In today’s competitive market, a law firm with sizeable out-of-pocket litigation expenses, protracted cases, and delayed payments may find it very difficult to succeed. The Legal Funding Group makes it possible for attorneys to build a financial cushion to cover these necessary expenses, monetize liquid assets, and create working capital.
Develop Your Legal Practice – An attorney and a law firm must have adequate funding to implement marketing plans and acquire new clients. With the assistance of our financing, we can help lawyers extend their reach.
Types of Cases We Fund
Individuals who have been injured and have filed a lawsuit can apply for a settlement loan in Los Angeles CA to help with the following lawsuits:
- Car Accidents
- Truck Accidents
- Motorcycle Accidents
- Premises Liability
- Nursing home abuse
- Dangerous Drugs
- Workers’ Compensation
- Personal injury
- Medical Malpractice
- Product liability
Legal funding in Los Angeles CA 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 Los Angeles CA
Statute of Limitations
The length of time a lawsuit must be filed can vary according to the claim type. Below are some California statutes of limitations for common kinds of legal disputes:
- Personal injury – Two years from the date of injury; If an injury is not detected right away, the time period extends to one year from the date the injury was detected.
- Breach of oral contract – Two years from the date, the oral contract was broken.
- Breach of written contract – Four years from the date the written contract was broken.
- Property damage – Three years from the date the property damage happened.
- Claim against a government agency – Claim must be filed with a government agency within six months (or one year in some cases) of the occurrence. If it is denied, a lawsuit can then be filed with strict limits as to when.
California uses a pure comparative negligence method adopted by Li v. Yellow Cab Co., 532 P.2d 1226 (1975). Under this law, an injured individual may still collect damages even if deemed to be 99% responsible for the accident.
Damage Limits and Caps
The only cases in California where there is a cap on non-economic damages are medical malpractice lawsuits. Thus, if a personal injury resulted from a medical error, the maximum a victim can recover for non-economic damages will be $250,000.
Maximum Liability Coverage Amount
California drivers must carry:
- $15,000 per person / $30,000 per accident – minimum amount of bodily injury liability insurance coverage
- $5,000 minimum property damage liability insurance coverage
- $15,000 per person / $30,000 per accident – minimum uninsured motorist bodily injury insurance coverage
- $3,500 minimum uninsured motorist property damage insurance coverage
Apply for Legal Funding in Los Angeles CA
Our focus at The Legal Funding Group is to help victims achieve financial stability while seeking the justice they deserve. Let our specialists walk you through the process. If you need legal funding in Los Angeles CA, contact us today or apply for funding online.