Hiring a Lawsuit Funding Company
According to the International Comparison of Litigation Costs 2013, the U.S has the most expensive legal systems. Another study in 2014 by Penn Schoen Berland and Public Opinion Strategies found that 69% of voters were dissatisfied with the legal system.
Most likely, you have the same sentiments because as they say justice delayed is justice denied. The most hurting aspect is that no one really cares how much cost you will undergo during a lawsuit. Well, if you have a lawsuit pending today, it is time you started thinking of lawsuit funding in order to get some cash advance to keep your business running.
Choosing the Best Legal Financing Firm
Due to frustration among the public, there are myriad companies offering these cash advances as they await their court case to settle. Take for instance if you have suffered work related injuries or accident injuries that have affected your enterprise.
Such a situation requires a financial partner who will listen to your situation and finance you in the meantime. Well, you can bet your bank will not listen but with these companies, you will be able to handle expenses related to your business operations despite your injuries.
However, this arrangement will only work if you have a reputable partner to work with. With so many lawsuit funding firms, how do you choose the best? Here are some ideas:
- Seek testimonials: Any litigation funding firm worth its salt will give credible references that you can refer to. It is important to seek such referrals from colleagues, friends and family in order to get a clear picture of what to expect.
- Confirm upfront payments: Before signing any document, make sure you go through the contract with your lawyer in order to appreciate any upfront charges such as application fees and any other charges to be expected. After your attorney has approved the agreement, you will have peace of mind knowing the deal is above board.
- Seek attorney recommendations: Your lawyer must have tried many other similar cases and they must have come into contact with different financing firms. As such, ensure you seek his/her recommendation in order to work with a reputable firm.
- Seek clarification of the nitty-gritty: If a pre-settlement loan company is fuzzy about disclosure over what happens if you lose or win, then keep looking. The best company will be forthright and indeed its representatives will spend time explaining the no-win no-pay scenario that is popular in most payment structures.
- Look for customization: Legal funding structures should not be one-fits all because each case is unique. For instance as a business owner, your needs are different from say a person who is more interested in paying medical bills.
- Confidentiality: You need to work with a firm that has a confidentiality clause. This gives you peace of mind knowing that no snooping individual will know about your current financial situation.
Before signing up, ensure the company is Better Business Bureau (BBB) accredited and check for any complaints against it from previous clients. Such a firm should also feature a detailed website to guide you in the process.
Christopher Carron is a personal injury attorney with over 16-years’ experience in the industry. He currently writes on legal matters specifically lawsuit funding companiesand pertinent issues.