Don’t wait for the money that is legally yours
When you have a personal injury claim, you are usually in litigation because you cannot work due to the damage or suffering you have sustained at the fault of someone else, whether it was a corporation or individual. Being out of work and unable to go back can cause such a financial burden that you are thinking of taking out a personal loan just to keep you and your family in your home and eating through the pending lawsuit.
Stop right there. You need a lawsuit advance. A lawsuit advance is much different than a bank loan, due to the fact that there are no repayment plans, no credit checks, no collateral, and no income or employment is needed. It is based solely on the affirmative outcome of the judge or jury’s decision. Should you receive a lawsuit advance and are not awarded any settlement funds, you do not need to repay the advance. Also, there is no need to start a payment plan until after the lawsuit has reached a decision. This is much different than a personal loan from a bank, as you have a monthly (or sometimes even weekly) payment to make as soon as the money is doled out to you.
Having your own law firm can also put you at risk of not having enough money at certain times – especially when working on contingency fees only. Contingency fees mean your client does not pay you unless you win the case. You can put in dozens to even hundreds of hours for a case, and you still do not have a clue as to what the judge or jury will decide. One loss can cripple your entire cash flow for months. What you need is attorney funding. This amazing endeavor is made possible by looking in to your future contingencies. The only collateral, credit, or income that is needed is what you project to earn in the future. If you have a closed case and are awaiting the funds, attorney fee acceleration is for you and your firm needs to make sure you can continue to operate without the uncertainty of when the check will be cut. If you’re in the middle of a case and require extra funds before a decision has been made, a law firm loan or attorney loan is a necessity. This uses your pending caseload as your firm’s collateral, and once the case is settles (in or out of court), you can pay the balance off. Whether in the middle of a case, or planning on taking a very high profile or intensive one, a law firm line of credit might be what will get you through it before a settlement is given. As you continue to win cases, you can continue to pay off what has been loaned to you at a much more lenient interest rate than what your bank would give you for a personal loan.
Whether you are a plaintiff or attorney, you deserve the money you have earned, or cannot earn due to someone else’s negligence. Litigation, bureaucracy, and red tape can keep that money from you when you need it most. There are options. There is help. And at a much more reasonable rate than your traditional bank.