Many attorneys become the best due to the sincere nobility of their profession. This nobility brings justice to their clients and is used as a source of professional motivation. The greatest attorneys tend to go to all distances to ensure that the wronged is treated fairly, and no one gets away without obtaining a deserved remedy.
This virtuosity of legal practitioners is finely replicated in the ideology behind legal funding programs. To ensure that justice is duly served to the rightful persons, even if it is by providing funds to support significant needs. Legal funding is a relatively new industry in finance. Clients lacking financial potential can obtain legal funds to afford their personal and family expenses, all the while pursuing a pending lawsuit settlement battle to its triumph.
Legal financing, since its advent, has proved to be a massive hit, mainly for the segment of the audience that it focuses on: people who gravely and crucially need cash until they receive their deserved compensations.
A realistic view on the hardships of a client
As a society, we live every day able to do the things we want. Unfortunately, this isn’t the case for personal injury victims of catastrophic injuries; living an everyday life could sometimes not ever be in their fate anymore.
Emanating from a personal injury and consequently not being physically able to work are vulnerabilities that heavily injured people are often left with to the extent of being unable to even earn bread and butter for their families. This situation entails financial crisis, risked well-being, and poverty, which gives way to dejection and hopelessness. Victims in these cases just don’t find themselves in the right circumstances to fight legal battles and finally give in. Something so insignificant as making ends meet seems like a challenge too, when times are hard.
For attorneys, the stakes could get high since injured clients are often vulnerable and have nothing to lose. Most times, they are mainly concerned only about their short-term finances constantly asking their attorneys for money or a settlement. So the question of grave importance remains: if an attorney is prohibited from lending money to their clients, and plaintiffs have run out of resources to maintain the most significant expenses of a household, who should help these victims then?
Wouldn’t it be logical to conclude that the banning of the legal funding space is catastrophic to cleints in need?
Legal financing as a solution for attorneys and their clients
Attorneys whose clients obtain lawsuit financing get a firsthand opportunity to witness its positive impacts upon the case’s fate. As mentioned earlier, clients in personal injury cases are disadvantaged people, often wrongfully deprived of the bare essentials of life. The inability to earn, coupled with the usual household expenses or crippling medical bills, makes it unbearable for them to sustain during the ordinary course of a lawsuit. It is known that cases aren’t concluded in a matter of days or weeks but instead take up months and sometimes years to reach a decisive outcome.
Such clients often cannot help themselves with their concerns. They approach their attorneys to either expedite the lawsuit proceedings or support them financially in some rare instances. Having their attention dispersed from the task of building the case and onto the client’s personal issues, attorneys face serious problems streamlining their work patterns.
Here, plaintiff financing relieve the clients’ financial stress and eventually make it easier for the attorneys. The clients’ personal and household expenses are being met, and there’s no dire need for them to push their lawyers to an immediate conclusion. Moreover, it is known that desperate victims of personal injuries are easy prey for culpable wrongdoers wishing to settle the matter at a cheap bargain.
Plaintiffs who had initially wished for an intense, robust legal action against the liable persons often get their morale down when faced with hard times. It starts to appear impossible for them to afford lengthy lawsuit proceedings and meet their own household expenditures in parallel. They may begin to push for an early settlement, constantly pestering their attorneys to find an instant way out. Liable defendants are on the look for desperate victims to benefit from. Even upon an offer that appears to be peanuts when equated to the claims made, the clients’ desperation may make them compelled to accept it. When a plaintiff client accepts a low ball offer, it entails that all the hard work put in by the attorney to reach a colossal bargain of damages goes entirely in vain.
For this reason, litigation funding programs turn out to be equally if not more beneficial to the attorneys than they are to the clients. Contrary to popular pretentious belief spread amongst the legal fraternity, an attorney dealing with a legally funded lawsuit still retains independence in strategy building and proceeding the case. There exists no sort of interference or intervention by the lawsuit financing company at any point during the course of the proceedings. Like the client, the company is only interested in the eventual outcome, efforts to achieve which are exclusively entrusted to and retained by the concerned attorney.
Baker Street Funding can help your client
Financing obtained against pending settlements is the contrast to a conventional loan, which is to be mandatorily paid monthly during the entire term with hefty interest charged on the top. However, with legal funding, the repayment is conditional. The client shall only repay the funds if he gets to recover something from the case. This payment can either be in the form of an award of damages or an out-of-court settlement.
Dedicated settlement financing companies, such as Baker Street Funding, provide low-cost pre-settlement funding to plaintiffs involved in personal injury, employment and civil rights lawsuits. The plaintiffs, already going through a challenging phase, need not pay any upfront fees but are instead are charged simple interest, with rates floating around 3 percent per month. Those who are unemployed or implicated in high debt and bad credit can apply and qualify, too, since past debts of the victims are not taken into account.
Even when compared with other giants in the legal funding industry, all of these features overcome them making Baker Street Funding a go-to financing solution recommended by attorneys to their clients seeking instant monetary relief. And that’s not all, if your client needs a medical procedure, we could provide you with the financing to pay the medical provider in cash for the needed surgery with our medical lien funding solutions.
The application procedure is summed up in a single phone call only and cannot be made any easier. After a call made to (888) 711-3599, the clients are asked to link the company with their attorneys. Upon professional scrutiny of their case and the attorney’s approach to it, the funds are finally released to the client for their own use. Apart from all these advantages and conveniences to the clients’ avail, lawsuit funding programs can benefit attorneys too.