Benefits of Lawsuit Funding for Lawyers

Neal Donaghy | August 26th, 2013

Attorney LoansAnyone in the process of starting their own law firm knows the sacrifices required to make a success of it. Putting in countless hours of hard work, surmounting overwhelming financial pressures and having the skill to manage both time and money are still no guarantee of a successful practice. For many lawyers, the delay in receiving compensation for successful settlements can mean the difference between staying open and closing up shop.

Lawsuit funding for lawyers starting a new business can be a crucial lifeline, providing the necessary capital to stay afloat while awaiting settlement payments that could be months or even years away.

What are attorney loans?

Attorney loans can be tailored to a specific need. Some lawyers are looking specifically for lawsuit funding, others for a line of credit that extends to the day-to-day running of the practice. Either way, legal funding for lawyers is more like a cash advance than a loan, since it is predicated on a likely or guaranteed future outcome.

Attorney loans can play a significant role in sustaining an ongoing case. The funds might be used, for example, to finance the appearance of expert witnesses upon whom a case hinges. Some loans are used to fund extra legal studies. Anything that could make the difference between presenting the best possible case to a jury and losing in court may benefit from extra financing.

A lawyer may not have a specific application in mind for a loan. It may simply be a case of buying more time to prepare a case. As any attorney knows, one of the great difficulties with entering major litigation is the amount of time it can take to complete. Months, perhaps years, may pass between an attorney taking on a case and actually securing a settlement or award for their client. Meanwhile, the law firm is financially drained as they struggle to maintain their business during the legal process. Lawsuit funding for lawyers may be the quickest, easiest route to freeing up capital to cover daily expenses, marketing efforts or expenses needed for pending litigation.

Attorney loans in as little as 24 hours

LawStreet Capital is an industry leader in the field of legal funding. Our straightforward application process turns round every request for attorney loans within 24 hours. Once approval is granted, funds are transferred overnight, so even if you are in an emergency situation, you can get swift financial assistance.

Unlike similar firms, LawStreet Capital doesn’t put pressure on clients to make quick decisions over the phone. To start the process, fill in the application on the right, or call toll-free at 800-345-8500. The application is free and there are no up-front charges.