Law firm funding differs from standard funding options from banks and credit unions. This funding is tied to a law firm’s revenue-generating activities. It also entitles a law firm to non-recourse capital and does not require fixed payments.
High Rise Financial is happy to teach you about law firm funding. If you want to learn more about us and our law firm funding options, get in touch with us today. In the meantime, here are answers to some of the most common questions surrounding law firm funding.
How does Law Firm Funding Work?
Funding for a law firm works differently from a loan you request from a bank or credit union. This funding is not classified as a line of credit, either. Rather, law firm funding lets you get money based on the pending results of a case.
For example, you may represent a client in a personal injury lawsuit. Your client may request thousands of dollars in damages as part of a settlement. However, it may take months or years before the case gets resolved.
With law firm funding, you can get money based on a projected case settlement. If the case is successful, you receive a portion of your client’s settlement, and your law firm funding provider deducts the amount you owe from it. On the other hand, if the case is not successful, you are not held responsible for repaying your funding.
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What Are the Benefits of Law Firm Funding?
There are many reasons to pursue law firm funding, including:
You Can Get Money to Use to Cover Your Litigation Expenses
Witness fees, court expenses, and other legal costs can add up quickly. You may need to pay these costs out of your own pocket. Thanks to law firm funding, you can get money to cover these expenses until your litigation is finished.
Flexible Payment Options Are Available
The best law firm funding company answers any questions you have about its payment options. It wants you to choose a payment option that lines up with your expectations. Therefore, the company offers flexible payment options to law firms that need money right away.
You do Not Have to Wait Long to Receive Law Firm Funding
There is no telling when a personal injury case will be resolved, and you will receive a settlement payment. This means you will not have to stress over how long it will take to get money after settling your client’s case. With law firm funding, you can secure money immediately.
Law Firm Funding Is Risk-Free
A law firm funding company takes 100% of the risk. If your case is unsuccessful, you are under no obligation to repay your law firm funding. Instead, you keep the money that was given to you without penalty.
If you are considering funding for your law firm, review all of the options at your disposal. You can consult with a law firm legal funding company that can explain these options in detail. From here, you can make an informed decision on whether law firm funding is right for you.
What do I Need to Do to Get Law Firm Funding?
You can request law firm funding at any time. To do so, you first need to find a company that provides this type of funding. The ideal law firm funding provider offers flexible terms and conditions and has a proven reputation.
Next, reach out to a law firm funding provider. You can then speak with a law firm funding specialist that can explain what options are available. If you decide to move forward with funding, this specialist can help you submit your request.
Finally, you will receive a law firm funding quote and details about your interest rate. If you agree to the funding’s terms and conditions, you are all set. At this point, you will get the money you request and can use it however you choose.
How Much does Law Firm Funding Cost?
There is no upfront cost for funding for law firms. You can submit an application for law firm funding whenever you choose. If you apply for law firm funding but decide not to move forward with it, you are not penalized.
You are charged interest on your law firm funding. The interest rate is explained before you finalize your funding request. A law firm funding provider can respond to your questions regarding its interest rates.
If the case tied to your law firm funding is successful, you will need to repay your funding. The repayment will come out of the total you receive from your case settlement. Once you repay your funding, you are paid in full and keep the remaining amount of your settlement amount.
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Is Law Firm Funding Right for Me?
Law firm funding represents a viable option in many instances. The funding allows you to receive thousands of dollars you can use to manage your law firm operations. Also, the funding can provide more flexibility than loans available from banks and credit unions.
If you are uncertain about law firm funding and if it is right for you, it can be beneficial to review all of your options. If you get law firm funding, you can get the money that you will not need to pay back unless your case is successful. Comparatively, with a loan from a bank or credit union, you are responsible for paying it back.
To make an informed decision regarding law firm funding, it is beneficial to set up a meeting with a company that offers it. You can use the meeting to ask questions and get insights into law firm funding. If you feel comfortable with law firm funding after your meeting, you can move forward with it.
How Can I Get Law Firm Funding?
If you are interested in law firm funding, the team at High Rise Financial is happy to help you out. For more information about law firm funding, please get in touch with us today.