Your law firm wants its clients to move through the legal process as quickly as possible. Non-recourse funding may help you achieve your desired result. With this option, you may be able to help your clients get Florida legal funding or money for your firm — with no minimum draws or monthly payments required.
Rockpoint Legal Funding empowers you to fund your future. We offer Florida law firm services designed to meet your expectations. To learn more, reach out to us.
Litigation Funding Definition
Legal funding is different from a personal installment loan. If you get a personal loan, the terms and conditions may be fairly straightforward. You may have to repay your loan in accordance with your lender’s terms and conditions — if you do not, you may be subject to fees and penalties.
The terms and conditions of a legal loan tend to be more flexible than those of a traditional one. A litigation funding company accepts your loan request and gives you money based on the strength of your case. If your client does not get any compensation, you are not responsible for paying back a legal loan.
The team at Rockpoint Legal Funding can teach you about legal loans, how they work, and their benefits. We are also available to discuss our services for Florida law firms. For more information, get in touch with us.
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Plaintiff Funding
Your client may file a personal injury claim before their statute of limitations to do so lapses. However, as the legal process moves forward, they may struggle to stay afloat financially. Legal costs may add up quickly, and it may be difficult for the plaintiff to continue with their case.
If your client cannot pay their legal bills, they may be forced to settle their case without going to trial. In this situation, they may feel extreme financial pressure. They may also be increasingly inclined to accept an offer, even if it falls well short of the damages they have incurred.
Plaintiff funding allows your client to get compensation they can use for the duration of their litigation. You and your client can work together to build a compelling argument that may resonate with a judge or jury. If you succeed, your client may get compensation, and only then will they have to pay back their legal funding.
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Legal Funding Benefits
A leading legal funding company takes the guesswork out of its loan options. The business has friendly, knowledgeable loan specialists on staff. These specialists may take as much time as needed to explain legal loans for law firms and plaintiffs and help you identify the best funding option.
If you move forward with a legal loan, you should know exactly what to expect out of it. A lawsuit funding provider may discuss the terms and conditions of your loan and how the repayment process works. It may answer any questions and address any concerns you have regarding your loan.
Many litigation funding options are available, and you may be able to get one that is tailored to your firm or its client. Repayment is required if your client wins or settles their case. If for any reason your client does not get compensation, your legal funding company takes full responsibility for the outstanding loan balance.
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How to Request Lawsuit Funding
You may apply for lawsuit funding at any time. If your law firm wants a loan, you may request one. You may also work with a client to help them secure funding.
A lawsuit funding application may be submitted online or over the phone. It may not take long to complete your application. As soon as you provide all of your application materials, a legal funding company will examine your request and may provide a personalized loan quote.
In some instances, funding can be provided as soon as the same day it is requested. Your firm may use the funding you get however you choose. The same is true if your client requests funding.
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Legal Funding Cost
As you explore legal funding companies, it may be beneficial to choose one that has received many positive client reviews. This business may make sure you understand all your legal funding entails. It may explain any fees associated with its loan options.
Generally, you may not have to pay anything to submit a legal funding application. There are also no hidden fees with your funding. A legal loan company is upfront about its costs, so you know what you or your client will have to pay if compensation is awarded.
There may be interest on a legal loan. A litigation funding company explains its interest rate before a loan request is finalized. It may do everything it can to keep its interest rates low.
How to Pay Back Litigation Funding
Paying back a legal loan may be fast and simple. If your client receives compensation, your law firm may handle repayment on their behalf. In a case where your firm has secured funding, you may repay what you owe based on when your client gets compensation.
When a client is awarded compensation, you may deduct what they owe for their legal loan from this amount. You may also remove any legal fees from this amount if your firm is working on contingency. Finally, your client is given the remaining compensation amount, and their case is closed.
This process is similar if your firm receives lawsuit funding. As soon as your client receives damages, you may pay back what you owe to your litigation funding provider. If your client does not get any damages, there is no need for lawsuit funding to be repaid, and the company that offered the money in the first place covers the outstanding balance.
Request Florida Litigation Funding
Rockpoint Legal Funding makes it easy for law firms and their clients to get money before a case is settled. Our team can go over our litigation funding options with you and help you decide if now is the right time to apply for a loan. To get started, contact us today.
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Presettlement Legal Funding.
