Achieving settlement in a personal injury lawsuit is seen as a big win by plaintiffs. Most attorneys know that while settlement is a milestone, it is by no means the end of the road. Settlement payments sometimes take month or years to reach the plaintiff due to processing issues, liquidity problems, appeals or even the terms of the settlement. In the meantime, the attorney must focus on other cases and managing the day to day expenses of their firms. Plaintiffs have expenses as well including rent or mortgages, utilities and other day to day living expenses that they might not be able to pay for.
Post-settlement funding can help attorneys and their clients get the liquidity they need now before the settlement check arrives. This allows clients to catch up on past due bills as well as pay for any living expenses necessary and attorneys to pay for the cost of new contingency cases that have come in as well as payroll and other business costs.
Post-settlement funding is a way of leveraging the settlement award and fees that a client or attorney is entitled to by using it to secure a up front cash advance that is paid back when the check arrives. This is done by securing the funds with a third party lien on the settlement which the attorney will then use to pay back the principal and agreed upon rate of return when the funds arrive from the defendant. This type of funding is utilized by both attorneys and plaintiffs and is tailored towards each individual case and the estimated time of arrival of the settlement proceeds.
Post-settlement funding is utilized by many different types of plaintiffs and attorneys. Below are a few of the most recent types of cases commonly qualified for post-settlement funding:
The post settlement funding process is extremely simple and normally finalized inside of one business day. Once a funding provider reviews your case documents, including the fully executed settlement agreement, they will generate a contract for the client and attorney to sign. Once signed, the funding company will execute that lien and distribute the funds by bank wire or certified check. Normally funding companies will release up to 50% of the award to the plaintiff or 50% of the fee to the attorney.
Post-settlement funding acts as a lifeline for plaintiffs and attorneys alike, giving them access to liquidity that they otherwise could not get from a traditional financial institution. Giving plaintiffs and attorneys early access to their future receivables empowers them to make sure they are making sound financial and business decisions and not handcuffed by a long processing time of a settlement award.
Baker Street Funding is a Premier Legal Funding Firm designed to strategically connect select funding opportunities with our extensive network of sophisticated partners and staff. If your attorney has been retained on contingency and you have a strong liability claim against a properly insured defendant, you may qualify for a pre-settlement advance, contact us to discuss your options. * The term lawsuit loans, lawsuit loan lenders, settlement advance loans, or lawsuit settlement loans may be used to refer to pre-settlement funding. Transactions facilitated by Baker Street Funding, are not to be considered loans. These transactions are non-recourse financing agreements, which means that we are making an equity investment into your litigation. If you lose your case, you are under no legal obligation to repay your advance. The word loan is strictly used for marketing optimization purposes and for easier comprehension for prospective clients. Our client relationships are paramount to us and we take the client education process very seriously. We provide legal funding and lawsuit cash advances in the following states, Alabama, Alaska, Arizona, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island,South Dakota, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming.
We offer attorney funding and law firm financing in every state of the United States.
Lawsuit Funding, Settlement Funding and Litigation Funding: Baker Street Funding, LLC.
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