Personal Injury Lawsuit Funding For Plaintiffs and Attorneys
The cost of mounting a personal injury lawsuit can create a financial burden for both attorney and client. Without a source of capital, an attorney might need to limit important courtroom resources, such as medical expert witnesses that are vital to their case. Since personal injury cases are usually contingency fee-based, personal injury attorneys often require lawsuit financing to properly fund their case during litigation, prior to settlement and often after a verdict while on appeal. Litigation financing ensures that attorneys have the financial resources they need to build a successful lawsuit. Injured victims have more urgent and immediate needs. They often require cash for basic living expenses (such as groceries, rent or mortgage, and car payments), and may also need cash to pay for critical medical procedures.
What is Personal Injury Lawsuit Funding? Personal injury lawsuit funding (also known as pre-settlement funding) is financial assistance offered to a plaintiff involved in a personal injury lawsuit. This funding is a non-recourse advance. It is not a loan. The plaintiff repays the advance, plus fees, only if they win the case.
Funding for Attorneys. Pursuing a lawsuit can be costly. Typically, attorneys accept personal injury cases on a contingency fee basis and don’t receive any payment until a settlement or judgment payment comes through. Although this fee arrangement may be beneficial to an injured plaintiff who might not otherwise be able to afford justice, not receiving an up front retainer or current payments can put an enormous strain on the operating budget of any law practice. Fronting the costs associated with filing fees, depositions – and especially medical experts–can make it cost-prohibitive for many law firms to handle personal injury cases. The proper financing can allow attorneys to pursue personal injury cases. Without such assistance, attorneys may choose not to undertake a case or even refer case out, for fear of running into financial difficulty.
Funding for Plaintiffs
Injured plaintiffs have their own financial concerns. Whether a person has been injured due to a motor vehicle accident, defective products, medical malpractice or another type of injury due to negligence, they will likely struggle with physical and financial costs. In most personal injury cases, there will be medical expenses for which a plaintiff may not have the financial resources or insurance to cover. Additionally, personal injury cases can often drag on for years. In the meantime, it’s not uncommon for injured plaintiffs to be unable to work because of their injuries. The combined effect of medical expenses and loss of employment income over an extended period of time can create a financial crisis for a personal injury victim and their family. Plaintiff financing can help cover living expenses while such plaintiffs wait for their case to settle.
Don’t Settle for Less Than You Believe The Case Is Worth
All to often the plaintiff and attorney are forced to settle for less than their case is worth because the plaintiff is lacking the financial strength to withstand the delay tactics of the defense. However, with sufficient financial resources, both the attorney and plantiff are better able to navigate the lenghtly legal process resulting in a more favorable settlement.
About Case Funding
Case Funding Inc. is a New York based specialty finance company and industry leader in providing litigation funding solutions to attorneys, law firms and plaintiffs. Pre-settlement and post-settlement settlement working capital loans enable attorneys to invest in their cases in the form of expert witnesses, litigation suppport, pay operating expenses and marketing and business development costs and better manage cash flow. Presettlement cash advances for personal injury victims enable plaintiffs to pay their bills and living expenses.