Attorney Funding: Benefits, Options, Approval Process

Whitney Taylor | August 29th, 2013

Lawsuit Loans for Lawyers When you have opened your own law practice, it can be difficult to know where to get the capital necessary to equip your office so you can sufficiently prepare your clients’ cases. Along with your clients, you may have to wait a long time for payouts from successful settlements or jury verdicts. To help bridge the cash flow gap, attorney funding is available from industry leader LawStreet Capital to help lawyers get the money they need to properly represent their clients.

This funding is like a cash advance for legal professionals, and the money may be spent however the recipient sees fit. These non-recourse loans allow attorneys to get the money they need to finance their cases, secure the testimony of expert witnesses, cover office overhead costs, and more. The process is relatively quick and painless, ensuring the financing is there when it is needed most.

Attorney funding benefits

There are a number of reasons why attorneys may consider this form of financing over a traditional loan. First, the process for obtaining the financing is fast and easy. While banks don’t typically see future contingency fees as collateral, LawStreet Capital factors in your caseload so you can receive funding quickly. In some cases, the approval process and distribution of funds can be handled in just 24 hours.

Attorney funding is not a traditional loan, so there are no monthly payments or finance charges to worry about. Instead, the money is repaid in one lump sum once the case is settled. No payments are due until that time, which frees up attorneys to worry about the case at hand, rather than how to pay back funds.

Funding can be used for any reason

This type of funding ensures an attorney has the capital necessary to successfully manage the case. Since there is no contingency on how the money must be spent, the recipient can use it to pay court fees, hire expert witnesses, obtain medical reports, or contract out certain aspects of the case. An attorney doesn’t typically receive funding from a client until the case is won, so money for the case must come from another source.

In addition, an attorney may use the funds for daily business expenses. The money might be used to pay a paralegal or invest in marketing. No matter what your expenses might be at a given time, lawyer funding can cover them.

Financing available for any type of case

LawStreet Capital offers attorney funding based on a wide range of cases, including medical malpractice, personal injury, employee discrimination, product liability, and wrongful death lawsuits. This means attorneys can get the financing they need to manage any type of case successfully.

Cash flow can be an ongoing concern for attorneys. Payments are not received until cases are settled or decided. Even then, it can take months before the money is actually distributed. In the meantime, attorneys must find a way to make payroll, pay the rent and cover the multitude of costs that can crop up on any day in the legal profession. Attorney funding is one way to ease the cash flow crunch so business continues until payment is received.

Finding lawsuit loans for lawyers

If you are in search of funding to cover your costs until you reach a settlement, LawStreet Capital can help. We offer the lowest rates in the business, with 24-hour approval and a quick and easy application process. Once you are approved, your funding can be sent to your account overnight.

LawStreet Capital understands the plight of attorneys struggling to stay afloat financially until their cases are brought to successful resolution. We don’t pressure anyone to sign on the bottom line until they have time to consider their needs and act accordingly. When you are ready to begin, simply complete the application at right or call us at 1.800.345.8500. There are no up-front costs to apply.