It costs money to deal with any legal issue. Whether you have a client suffering debilitating injuries due to someone else’s negligence or your client was recently charged with driving under the influence, it will cost you money to build a case to obtain a favorable outcome. However, not all law firms have access to the funds they need to hire expert witnesses, analyze forensic evidence, and cover other costs.
Since your client cannot afford these expenses, it is up to you to cover them. For this reason, High Rise Financial offers attorney loans to solo practitioners and law firms needing financial support. Instead of a personal loan, you can access pre-settlement legal funding and get your costs covered now.
How Can You Qualify for an Attorney Loan?
One of the top benefits of choosing an attorney loan is avoiding the hassles of taking out a traditional bank loan. The advantages of attorney loans are undeniable. However, to access one, you first need to meet High Rise Financial’s qualifying requirements:
Do You Need Excellent Credit?
When you apply for attorney legal funding, you do not need to have exceptional credit. If you were to apply for a personal loan through the bank, you could expect them to run a hard credit check. They might require a credit score of at least 670 or more.
You would also need to provide them with your bank account information and credit references and plan to start paying back the loan immediately after it is issued. However, attorney funding does not check your credit because your credit is irrelevant. We only care that you can repay your attorney loan once your anticipated settlement comes in.
To be approved for attorney loans, you will generally need to be at least 18 years of age and be a permanent resident or United States citizen. However, in limited circumstances, we may offer non-U.S. citizens personal loan options to help you cover your attorney fees and other necessary costs.
The Value of Your Attorney Loan
It would be best to consider how much you need to access in legal funding. The amount we can authorize can vary widely depending on several factors, including how long it will take for your case to be resolved, your anticipated settlement, and more.
Sometimes, we can authorize up to $100,000 in attorney loans. However, generally, we are prepared to cover as much as 20% of a law firm’s expected payout.
To apply for free, call (877) 735-0016
How Much Should You Request in Attorney Legal Funding?
Taking on any case is a big risk. Trying for a big win is riskier. An attorney loan can help reduce the stress of that risk by providing additional funding associated with the cost of taking on a bigger case than your firm usually handles.
Determining how much you should request when applying for an attorney loan is difficult. It is essential to consider your various expenses and the amount you expect to win. After all, the last thing you need us to take out is more than you need, which will dip into your settlement funds.
Here are some of the top fees you should prepare to include when requesting an attorney loan:
If your clients did not put a retainer down, it is crucial to consider these costs when applying for litigation financing. Generally, a retainer covers many costs arising as attorneys pursue their cases.
This might include deposition fees, court filing costs, and the costs of hiring expert witnesses. However, you do not have access to these funds without a retainer. You will either need to cover them out of your own pocket or seek financial support through an attorney loan.
You should also consider your payment structure. Are you working for your clients on contingency? Or do you charge an hourly rate?
Taking into consideration the amount of time you will spend working on the case is crucial so you can take out enough money to cover your expenses and keep your law firm up and running.
Any of the costs that arise in pursuing your case can be covered through your attorney loan. Not only can you get access to compensation to cover court filing fees and deposition costs, but you can also:
- Hire expert witnesses
- Analyze forensic evidence
- Hire accident reconstructionists
- Obtain copies of vital records
- Cover copy and filing fees
Are You Working on Contingency?
If you are working on contingency, you are not getting anything from your clients until you win their case. Then, when you win, a percentage of their settlement is yours as your fee for your legal services.
For instance, if you charge 30% of whatever your client wins, and your client wins a $100,000 award, you would be entitled to $30,000. Considering how much you expect to recover in contingency fees is crucial, so you do not take out more in legal funding than you will recover in attorney’s fees.
How Can You Spend Your Lawsuit Loan Money?
When High Rise Financial approves your attorney loan, you have the authority to spend the money however you need to. Since it is an advance on your contingency or attorney’s fees, we do not find it necessary or appropriate to restrict or monitor how you spend your money. However, remember that this loan will need to be paid back when you win your case.
If you do not win, you will not be expected to pay anything back. But our loan specialists would only have approved your application if sufficient evidence supported a likely win. Taking out an attorney loan could be the best way to set your clients and your law firm up for future financial success.
Get Help from High Rise Financial Loan Specialists Today
If you are interested in finding out whether you meet the eligibility requirements for an attorney loan but you do not know where to turn for help, be sure to contact our dedicated loan specialists at High Rise Financial to further discuss your financial needs.
You can reach us through our online contact form or by phone to get started. Or, fill out our online application now and access your legal funding in a matter of hours.