As most attorneys will attest, the legal process moves at a snail’s pace. Cases drag on sometimes for years, and if you are an attorney working for a contingent fee, you won’t see a dime until the case is resolved in your client’s favor. Even when you finally secure a settlement for your client, receiving your portion of the settled case can take weeks, if not months.
Unfortunately for law firms, the rest of the world doesn’t move so slowly. Bills need to be paid, payroll is every two weeks, the landlord won’t take a raincheck. RapidFunds offers settlement funding as a way to help law firms pay their bills today when their portion of a settlement may not arrive until much later.
About RapidFunds
RapidFunds was founded in 2004 as a solution to cash flow problems that contingent fee attorneys can sometimes face. Running a law firm is capital intensive, and many traditional lending institutions are not in a position to offer settlement funding to help firms meet their liquidity needs. Unlike these institutions, RapidFunds was founded by attorneys who fully understand the value of your settled cases and are able to purchase a portion of your fee before it arrives in your account.
Our team has firsthand experience handling a wide variety of contingent fee cases. As sole practitioners and as members of big and small law firms, we’ve maintained independent practices, funded litigations, conducted trials, made payrolls, and–like you–we’ve waited and waited to collect contingent legal fees while our bills piled up. We’ve been there, and we’re here for you. In fact, we also operate on the contingency model–you don’t pay RapidFunds until your settlement gets paid. No upfront fees, quarterly payments. Our settlement funding process can be your liquidity lifeline.
The Three Step Settlement Funding Process
- APPLY: As part of your settlement funding application (which you can request on our website), we will ask for evidence of your settlement. While many documents will suffice, we are typically looking for one of the following: a binding Memorandum of Understanding (MOU) signed by counsel for all parties, a draft settlement agreement with emails from counsel confirming all substantive matters have been resolved, a fully executed settlement agreement with or without a petition for Preliminary Approval, or a Preliminary or Final Approval order.
- SIGN: Once you apply, we will speak with you to discuss the application, and once we complete our due diligence, we will provide our Agreement between you and RapidFunds for your signature.
- RECEIVE FUNDS: The agreed upon amount is wired to your account, which you can use immediately.
Choose RapidFunds For Fast and Easy Settlement Funding
We don’t call ourselves “RapidFunds” for nothing. Many of our clients receive their settlement funding the same day they apply. Or, pending that, the next business day. We fund transactions as large as $20,000,000 and we have made over 4,000 transactions totaling over $245 million.
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