Litigation Funding for Lawyers & Law Firms
With personal injury lawsuits on the rise, the caseload for many lawyers has drastically increased over the past few years. And as more individuals are looking to file suit, the need for individuals to acquire monetary damages from negligent parties has increased quite a bit as well. And while such cases certainly can cost quite a bit under normal circumstances, the situation over the past year, dealing with the COVID-19 pandemic has made things doubly as hard on both plaintiffs, as well as the law firms. Due to such terrible infection rates, and casualty numbers, many are still out of work and going through a very tough time financially. Just as we have seen throughout our history, where there is unemployment, and financial issues, there will usually be crime, and negligent activity. The problem is that our culture is one in which individuals use litigation to handle their issues, and due to the financial crunch, many can barely afford the financial toll that going through a lawsuit will take. This is where legal funding can help plaintiffs out quite a bit. When it comes to litigation funding Connecticut experts at Express Funding of America offer some of the best and most competitive funding throughout the country – what has truly set them apart. When it comes to litigation funding Staten Island plaintiffs are able to gain access to a percentage of the money, they would otherwise have to wait for the end of the trial to receive. Not having access to such funds has been a major roadblock in individuals being able to file their lawsuits, and even survive while the process goes on. And while plaintiffs are generally the main consumers of litigation funding Suffolk County experts at Express Funding also provide their services to a number of lawyers and law firms as well. While this might not seem to be the norm, in many instances, especially when we are dealing with the financial hardships associated with the pandemic, law firms are stretched quite thin, and are desperately in need of the financial assistance, and litigation funding Suffolk County experts at Express Funding can provide. Within this article, we will explore legal funding for lawyers and law firms.
Growing Your Firm with Funding
One of the issues when dealing with an economic downturn such as the one that has come about as a result of the COVID-19 pandemic, is the effect it has on smaller, or independent businesses – such as law firms. By acquiring litigation funding Staten Island law firms have been able to fund the ability to take on certain high-profile cases, or class action lawsuits they may not have otherwise been able to take on – whilst dealing with the effects of the pandemic. When it comes to litigation funding Connecticut law firms are able to use this money to grow their practice, and this money affords them the cash flow needed to continue operations, as they await a large settlement amount or a payout that may be coming later. Its important to understand that it isn’t just normal everyday people that are affected by the pandemic, this is the reason the government has offered up so many loans and payouts for small businesses such as the PPP for payroll issues and salary concerns, or the EIDL, to help with certain costs and fees associated with running a small business. By having additional cash flow with litigation funding Connecticut law firms can continue to practice and take on more cases.
Deal with Pending Payouts & Settlements
Like any other small business, a law firm must deal with pending payouts and having individuals owe them fees for their services. All too often, especially when it comes to personal injury law firms, these payouts and fees are given on a contingency basis and not until the trial concludes and the individual either wins or settles their case, are they to be paid. Quite often, when there are a number of different trials occurring at the same time, and each of them waiting on a contingency payout, the firm may find themselves in a position where they are owed hundreds of thousands of dollars, that should be coming within the next few months, but currently they are without much cash flow – and cannot cover normal things like their payroll, office expenses, business costs, and other financial obligations like taking on new cases. Through litigation funding Staten Island attorneys can give their practice breathing room they need so that they may cover their obligations as they await their payouts to come. Often, when a client or a payout is taking too long, it can force an attorney to accept a payout that is substandard or not up to par. However, with the financial breathing room afforded by litigation funding Suffolk County law firms don’t have to settle for the first offer, and can wait until they receive a quality settlement figure. For more information on lawsuit funding and more, be sure to contact Express Funding of America today.