Attorney Funding for California Law Firms
FAST FUNDING helps attorneys obtain non-recourse lawsuit funding, often within 24 hours. We use only the facts of the case to determine how much to provide. Gone are the days when you had to resort to business financing, which is often hard to obtain. We provide attorney pre-settlement funding in California to cover a variety of expenses. You can therefore serve your personal injury plaintiffs, who in turn benefit from funds to cover their expenses while a case is pending.
What Is Attorney Funding?
Attorney funding is not a lawsuit loan. It is a form of case funding or lawsuit financing, a non-recourse investment to help you take on a case. Nothing is paid out of pocket, by you or your plaintiffs. The principle, fees, and terms are determined on a case-by-case basis. Our underwriter can estimate the value of the case, the financial impact of plaintiff’s personal injuries, and how much the legal process will cost.
Lawsuit funding can be used pre-settlement or post-settlement. At FAST FUNDING, we know the process before, during, and after a case settles can be long and costly. We have therefore developed a funding process, so your firm has capital right when you need it. Attorney funding is a financial solution that can help both your law firm and your clients.
Why Should I Apply for Attorney Funding?
Legal funding is more advantageous to law firms and plaintiffs than loans. There are no application fees, credit checks, or other factors to inhibit your search for financing. The process also does not require paperwork, adding efficiency and environmental sustainability. Funding expedites the legal process as well, from filing claims to discovery, to bringing in expert witnesses and even going to trial, if necessary.
A legal case, even if it doesn’t go to trial, can last for months or years. Without a means to predict the outcome, legal funding is needed to cover the costs. This gives your firm more spending power to take on insurance companies with massive budgets to hire the best attorneys and maintain their position.
The benefits of legal funding for your firm also include:
- More capital than a traditional litigation finance company or bank.
- Coverage for expenses like payroll, operating costs, advertising, discovery, etc.
- Funds are repaid only if the case wins, out of the settlement amount (term-based payback).
- No out-of-pocket costs, hidden fees, or middlemen.
- A fast, hassle-free application and approval process.
- You can afford to work on a contingency fee basis to serve your clients.
Types of Funding Available to Plaintiffs
FAST FUNDING also offers funding options to plaintiffs, which enable attorneys to continue cases and follow through to a personal injury settlement. Our options for litigation financing include:
More a cash advance rather than a traditional loan, legal funding does not impose strict payment terms and tight deadlines. There is no income or credit history check. Personal injury clients often face time out of work and a mountain of medical bills, so are not able to afford legal costs. Funding is determined using relevant case information along with witness accounts, police reports, medical records, and other documents plus details from accident attorneys. Our underwriters use this information to make a no-obligation offer.
Once your case reaches a settlement, that does not mean your plaintiff will be paid right away. Securing the proceeds can take a while. Appeals and defendants who are less than eager to pay up can delay the process. Rent, mortgage, and medical bills will still be due. Auto accident and product recall cases take longer to pay out, as do those involving an insurance company or the state of California. Higher settlement amounts, the number of plaintiffs involved, and the terms of the payout can affect the timeframe as well.
It’s not uncommon for attorneys to face unanticipated financial burdens. Our Lawsuit Cash Advance REFI / Cash Out Program is available if you opt to refinance a previous cash advance or have self-funded a client. It can avoid closing a case due to financial issues or having a plaintiff settle early. The process, which works like refinancing home mortgage loans, enables you to obtain an advance with a different term and lower fees. And… you may even qualify for an additional cash advance on top of prior financing.
Contrary to common belief, financial solutions aren’t usually available as soon as a settlement is reached. It can take weeks, months, or even years to receive the full proceeds. Our settlement acceleration program addresses this by pulling cash from a future settlement, similar to a reverse mortgage or home equity. Once the settlement amount is received, the cash is paid back as a percentage of the total. Meanwhile, an advance can be used to pay debt, rent, medical bills, and litigation expenses.
Fast funding: Reputable Pre-Settlement Funding Team
Legal funding or lawsuit funding for attorneys enables personal injury plaintiffs to obtain advances against their pending or settled case so they have the funds to cover their expenses while their case progresses.
What your law firm needs to know:
- Your client can get approved and funded the same day if we get the necessary signatures
- Applications can be done over the phone in less than 7 minutes
- Approval requires accepted liability, a copy of the police report, medical bills summary with amounts, and images
- Fast Funding gets paid when the case settles and assumes the client’s position up to the amount due with the balance going to the client
- Fast Funding will reduce the payment to a portion of what everyone else does should the case not settle as expected
- If the case is lost, the client owes nothing to Fast Funding
Oftentimes, clients have pressing financial needs such as their medical care and basic expenses, and are unable to wait for their potential settlement. This can unfortunately force their lawyer to settle their injury claim for pennies on a dollar.
What Your Firm Stands to Gain with Fast funding
How attorneys benefit from lawsuit funding:
- Protection from “ethical issues” as described in the state bar related to self-funding
- Protects your after-tax income by allowing us to take the risk for you
- Increases law firm cash flow by allowing you to refinance advances which are self-funded or by other funding companies
Litigation funding for attorneys can benefit the legal process in many ways. For a lawyer, it can cover office expenses, so your team can move forward. Litigation expenses may also be covered. Litigation, from discovery to trial, can cost more than most clients can afford. Most personal injury clients are in a tough financial spot. Attorney funding can bypass this issue, allowing the case to continue.
It can take weeks, months, or sometimes years to settle a case and get the money. No matter how long it will take, litigation financing can support the case, attorney’s financial requirements, and the client’s needs until they are paid, allowing the client to proceed with a case.