Lawsuit Funding For Your Attorney Is Available.

January 31, 2010

Perhaps, you have discussed your case with an attorney and the attorney indicated that he/she would like to assist you. However, the attorney states that, due to their own financial circumstances, they are unable to take your case. If the attorney is unable to take your case due to insufficient financial reserves, you may want to notify your attorney that funding may be available for them. Funding that would not only assist them with your case, but with a myriad of cases.

You must keep in mind that the funding obtained has no limitation regarding the use to which it may be put. Your lawyer may utilize that funding to increase his/her advertising, upgrade office-equipment, etc. Your attorney will make the determination as to the manner in which those funds may be most appropriately utilized.

Customarily, the minimum amount of financing that would be made available to a law firm is $100,000. Yes, smaller amounts may be a consideration. However, such considerations are made on a case-by-case basis. The funding will often take into consideration, principally, the firm’s accounts receivables. Fortunately, this form of financing is, in many respects, no-risk of financing for the attorney. The no-risk component is due to the fact that the funding is often secured entirely by the accounts receivables, not by personal assets.

Originally, this funding was developed to assist attorneys with their cash-flow. Lawsuit funding will often allow your attorney to finance expenses which will assist them in offsetting the high cost of litigating numerous cases, while at the same time, providing non-recourse funding. Such lawsuit cash advances will often increase both the cash-flow of an individual practice and its business lines of credit. Once again, the attorney’s ability to obtain financial assistance for litigation costs may be tremendously helpful if applied to a vast number of cases. Such funding often tips the scales in your attorney’s favor.

The vast majority of plaintiffs will have numerous expenses to which their attention must be turned prior to settling their lawsuit. Having an attorney who is able to gain access to lawsuit funding is often a tremendous benefit to several of the firm’s clients, allowing them to continue to pursue litigation when, in many instances, due to attorney’s lack of financial stability, they would have been forced to accept a lower settlement than that which they are entitled.

As in plaintiff financing, these no-risk advances do not seek statements of personal net worth. A review of the requestor’s indebtedness, listing of assets, etc. are not a prerequisite. These no-risk advances are secured principally, in many cases entirely, by the accounts receivables, not the firm’s assets. It is important to bear in mind that non-recourse attorney funding is an assignment of the attorney’s anticipated fees for both pre-and post-settlement cases.

If an attorney wishes to obtain lawsuit funding, the attorney must, in most cases, “bundle” five or more cases together when submitting such a request. It is important to keep in mind that all of the cases need not be approved for funding. Therefore, if you discuss your case with an attorney and the attorney indicates he/she has some reservation about representing you due to current financial-strictures, it may be an appropriate time to suggest to the attorney that he/she give serious consideration to obtain lawsuit funding!

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