Financing a lawsuit offers monetary help when a person seeks legal solution in a court of law, and does not have the finances to endure the expenditure. The expenses taken care of by lawsuit financing companies include attorney fees, medical bills, health care, rent and mortgage, food etc. Cases financed by lawsuit firms consist of personal injury, workers compensation, motor vehicle accidental injury, wrongful death, medical malpractice, product liability, breach of contract, fraud and others.
However, this ought to not be taken wrongly for as a loan, since it’s non-recourse. That is, the client doesn’t have to repay the amount if he or she loses the lawsuit. The danger is undertaken entirely by the companies. A loan, on the other hand, usually has a distinct payback schedule within a fixed period. As there’s no way of figuring out how long a case will go, there is no rigid schedule of repayment followed by lawsuit financing companies.
These companies usually lookout for cases that have a strong chance of winning, in order to reduce the risk of losing money. They have an in-house attorney who studies cases, and determines which of those are much more likely to win. Eventually, they fix the amount that is to be offered to the customer, according to his or her needs.
There are basically three types of funding:
1. Pre-settlement funding: Companies supply funds before the verdict is announced. These are generally offered when the client, due to some injury or some other reason, can’t work and earn money to pay the fees. If however, the verdict goes against the customer, the company does not retrieve the money.
2. Post-settlement funding: Firms provide money definitely after the lawsuit is settled. In such cases, however, they do allow partial advances.
3. Attorney Loans: The firms directly supply the attorney a long-term credit which will take care of all the expenses incurred.
Nevertheless, before accepting help from such companies, it would be prudent to think about the terms of repayment, and choices obtainable. The terms consist of the flat fee and also the recurring fee. One should make an exploratory survey of various companies, and select the one that’s the most suitable.
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