How can Legal Funding Benefit both Attorneys and Plaintiffs?
Over the years third party litigation funding has emerged as a viable resource for cash-strapped clients who may be struggling to live a normal life while waiting on pending litigation to be resolved. Too often are plaintiffs forced to accept early settlements for a multitude of reasons.
Benefits for Attorneys
For a lawyer, legal funding creates a buffer between financial pressure of a client and prosecuting the case successfully. The length of time of a personal injury lawsuit differs on a case by case basis but it is common knowledge that these cases will often take months if not years to come to a conclusion. If a client misses work because of a personal injury case and is behind on bills he or she may be forced to settle the claim quickly, which could result in a settlement worth less than the cases’ actual value.
It can be extremely discouraging to an attorney to accept an early settlement because a client cannot afford to let the legal process run its full course. Third party funding could provide the attorney that extra time needed to achieve that full amount of the claim that the client deserves.
Benefits for Plaintiffs
The benefit a plaintiff receives from legal funding is quite simple, it offers an additional financing option that may be better than alternatives. Late on your mortgage or car payment? Use legal funding. Need basic living expenses like groceries or medicine? Use legal funding. Obviously, it is important you do due diligence and choose the best company for your needs. Make sure you ask questions and read about legal funding tips.
If you are involved in a personal injury case you may have had to leave your job, which could lead to benefits being cut off. You can try and obtain a loan from a standard banking institution but traditional lenders do not typically view pending legal cases as assets and will not lend in such cases. Worse, if your credit has been affected because you lost your job and you are late on paying bills, you may not be eligible for a personal loan. Additionally, a personal loan will have to be paid back immediately. With a non-recourse loan through a lawsuit funding company you do not have to pay back any amount borrowed until the case is settled. And, perhaps the best part of legal funding is if you are not awarded compensation you do not have to pay back any of the money funded to you.
For a more detailed account of the benefits of plaintiff funding, read our resource entitled “Lawsuit Funding for Plaintiffs: The Essential Guide“.
The Thrivest Difference
At Thrivest, we provide flexible financial options to help businesses and individuals meet their cash flow needs. Our friendly staff of funding experts guides each client from beginning to solution. We adhere to the principles of Quality, Honesty, Community, and Creativity. If you think our pre-settlement legal funding solutions could be the right fit for you, please call one of our lawsuit funding specialists at 888-697-7352. Or to apply online, simply CLICK HERE and fill out our quick form application.