Law Firm Funding
Law Firm Funding and Plaintiff (personal injury) Funding have recently been born out of Factoring. Here, opportunities for small to large Law Firms are made available. Just like any business, law firms can quickly become cash strapped. Case development costs such as expert witness fees, professional fact preparation and presentation services, and travel/lodging expenses for plaintiffs’ trial teams can eat up a law firm. When lucrative cases come to your office, then you’re faced with the possibility of recommending it to another office, or seeking Co-Counsel with the understanding that you'll split your fee. In full disclosure, Law Firm Funding is more expensive then financing through Banks. The philosophy behind any type of Factoring is to solidify and grow a business, so we prefer that Law Firms make use out of their Banks first, then make use out of Factoring second - if there's still a need. If you are here, then we are working under the presumption that you’ll find the benefits to Law Firm Funding:
click here for Law Firm Funding testimonials Recourse verses non-Recourse As with Personal Injury funding, non-Recourse is made possible with no guarantors, no collateral. Just a sound review by a qualified underwriter. However, the cost of this funding is higher as the risk is greater. A personal credit check will be run, which doesn’t rule out the lower FICO scores. Low FICO scores may just mean the agreement should be tweaked to accommodate. An upfront fee will likely be asked of the Law Firm -after the initial review - as underwriting can be expensive. This is largely viewed as earnest money and weed out the uncommitted. Still, you owe nothing if your cases are not won. Recourse Funding will be less costly, as the risk is lower and comes with guarantees in addition to a pledge of contingency fees associated with your specific cases. Minimums and Maximums ?
We have these forms in WORD by request, just ask.
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