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Pre-settlement Funding for Attorneys & Law Firm
A law firm’s primary source of income relies on the firm’s clients, and sometimes those clients can take longer than expected to pay their legal fees.
This can leave your firm waiting longer than it needs to for cash flow; which can be detrimental to your firm’s success and even its future.
Attorney funding from our settlement funding company can help tide your firm over until payment comes in, so you don’t have to turn away other clients or employees that want to join your team.
If you’re facing pending lawsuits that are stretching your finances thin, attorney funding might be the solution you need to stay afloat until the resolution of the case.
Attorney funding, also known as law firm loans or lawyer funding, can help your firm stay afloat as cases resolve.
Whether you need to pay a judgment in order to avoid bankruptcy or simply have cash flow issues from time to time, there are plenty of reasons why attorney funding can help your firm get back on its feet quickly and easily.
Attorney Loan Basics
An attorney or law firm loan is a commercial financing product offered to legal professionals with good credit.
Law firm loans typically have short repayment terms and favorable interest rates, making them an attractive option when your cash flow needs a boost, but your profit margins aren’t strong enough to support debt service.
Attorney funding, also known as lawyer loans or litigation funding, can help you manage cash flow and improve profitability to build your business even if you don’t feel like you have great credit.
Typical terms run from 1–5 years with a 10-15% interest rate, though many lenders will negotiate individualized payment plans based on a variety of factors, including income and outstanding debt loads.
Getting a Lawyer Loan
Lawyer funding, or attorney loans, can help your firm stay afloat while cases are in litigation and you wait to collect on them.
An attorney loan is a way to borrow money upfront with a real estate lien on your case’s settlement proceeds.
If you don’t win or settle that case, you might still have to pay back the loan amount. But at least you can stay open through a tough period and work toward getting paid from your upcoming cases.
Attorney funding is a way of creating stability by having access to funds when times are tough. Contact us today at (800) 961-8924 to get more details of pre-settlement funding for an attorney!
Why Choose Attorney Loans?
Law firm loans have many benefits.
In fact, attorney funding and short-term loans can be a great financial investment for your firm.
While most law firms opt to take out loans, it is not necessary to do so with attorney funds.
The good news is that you will be able to eliminate your debts faster while gaining access to necessary capital in as little as 24 hours.
Law Firm Loans Made Easy
Some attorneys are confused about how law firm loans work and whether or not they’re suitable for their firm.
So here’s a quick overview of attorney funding:
Law firm loans are used to keep your firm in business while cases resolve. These funds allow you to cover staff salaries, office bills, and other expenses associated with keeping your practice up and running.
At the same time, your cases wind their way through litigation or arbitration.
Attorney funding is fast and easy because there is no complicated application process; most attorneys qualify with little to no paperwork.
How to Use Attorney Funds?
The fundamental concept behind law firm funding is very simple.
A third-party entity like us gives your firm a loan that you can use to cover overhead expenses in exchange for agreeing to pay back a set percentage of any future settlements or verdicts you win in your cases.
Using attorney funds isn’t free, though—we’ll charge interest, but if you’re at risk of not being able to pay your staff and bills; there aren’t many better options out there.
Since attorney funding companies rely on getting paid back on some successful cases to cover all their other loans. It can sometimes be hard to get approved without an established case history.
Is Attorney Financing Right For You?
The decision to use legal financing should not be taken lightly.
Not only can attorney funding help your firm grow, but it can also protect you from financial risk.
Attorney funding is a loan based on future earnings, and it’s important to note that you may have to pay back 100% of what you borrow if your cases settle quickly or fail entirely.
This means attorney financing should be used when you’re confident in how your cases will resolve, or if you have a contingency fee case.
Further, attorney funding is not really a loan at all; any money spent is not considered an investment until there is a recovery.
Attorney loans can be a valuable way to help your law firm grow by improving cash flow and getting you back on track to take on new cases.
If you’d like more information about attorney funding or have any questions regarding your current case; we encourage you to contact our professional staff today!