Case Cost Funding
FastFunds provides case cost funding for attorneys. This is funding that is available for an attorney representing a plaintiff. If this is something you are looking for, please give us a call as soon as possible to talk about getting started.
Why Attorneys Choose to Utilize Case Cost Funding
When you take a claim on a contingency fee, you are putting an extraordinary amount of time, energy and money into a plaintiff’s case. You cannot guarantee that it will be successful, which means you may not get paid for this effort. You are a great attorney, but you may want some assurance that you have cash influx.
You very well know that not only is it not guaranteed that you will have a successful case, it is also not going to be a quick process. You spend all this time not knowing if you’re going to get paid. Some cases take years to resolve.
While you’re working on a claim, you are spending money making the whole process happen. FastFunds can help with this period between taking on the case and winning the case.
Not Being Bound by the Settlement
You are a business, whether you are in a large or small firm. You need to have cash influx to survive as a business. It can be difficult to afford this business, if you are waiting for a settlement to make money. Without your fees, you may have trouble marketing yourself, finding new cases or even just keeping the business floating.
There are several types of funding you can get to help your business. It can be tailored to fit a small firm or a large firm. You can flourish, even while you’re waiting to get a settlement. Funding can help with all of the costs that go into making a firm successful, such as expert witnesses, discovery, marketing, office leases and more.
Can I Get Funding with FastFunds?
There are four types of funding available to an attorney:
- voucher (available only for state hired attorneys)
- attorney lines of credit (similar to a bank loan but customizable)
It is often difficult for an attorney to start a claim when they don’t have capital coming in. You’re up against firms who have huge marketing budgets (and then some) to spend on their cases. You may want to choose pre-settlement funding, if you need more money coming in so that you can build up strong cases. It’s called pre-settlement because it will be given to you before you settle your case. Because it comes before the result of the case, there will be a higher premium because it is more of a risk.
You already know that there are often delays between settlement and when you receive your fees. It is really frustrating to have this time period of no cash flow. If you work on contingency, post-settlement funding may be right for you. It allows you to get a portion of the fees you won right away, without a huge frustrating delay.
This type of funding is for state hired attorneys or public defenders. As you know, you will get paid through the state. With a voucher, you won’t have to wait weeks, or even months, to get those fees. As soon as your application is approved, you can have a portion of your fees through your voucher.
Attorney Lines of Credit
This option doesn’t work similarly to the aforementioned funding options. Attorney lines of credit are sometimes also called law firm lines of credit. It is not an advance like the other funding. It is, as the title implies, credit. It works like a bank.
Your collateral would be the case inventory. That is what separates the attorney lines of credit from those of banks.
The amount that is credited is directly related to how large or small the case inventory is. If the inventory grows, the line of credit does as well.
This might be the right option for your law firm if you are hoping to grow. That might mean you want to increase your marketing budget. It might mean that you want to expand and add more employees to your team, or that you may be looking to see an uptick in the amount of cases you handle.
Call FastFunds Today to Talk About Case Cost Funding
If money is weighing heavily on your mind and you are looking for the right solution for your law firm, please don’t hesitate to reach out as soon as possible. We can discuss your specific needs and tailor your case cost funding to what your law firm requires. You don’t have to feel unnecessarily frustrated or stressed out. Allow us to ease your mind. Call us today to get started!