Running a law firm takes a lot of capital. Traditional lending institutions are generally not comfortable lending on contingent fee cases, and typically not to the extent necessary to resolve cash flow problems. Unlike these institutions, we fully understand the value of the assets contained in your inventory of cases. That’s where we come in. RapidFunds provides post settlement funding to contingency fee attorneys. We can often turn an application into cash in as little as 24-48 hours. Below we answer some of the most frequently asked questions about the post settlement funding process.
What Types of Cases Do You Fund?
We provide funding to plaintiff contingency fee attorneys. Attorneys must have documentation that proves that a settlement has occurred. Documentation required depends on the case, but generally we need some background information regarding your firm and your retainer agreement. We do not provide funding for defense counsel or directly to plaintiffs.
Here is a non-exclusive list of contingency fee cases for which we provide post settlement funding:
- Class actions
- ERISA
- Wage & hour
- Complex litigation
- SEC
- Antitrust
- Negligence
- Premises liability
- Product liability
- Automobile cases
- Medical malpractice
- Death compromise cases
- Employment litigation
- Mass torts
- Multidistrict litigations
- Labor cases
- Construction defect
- Workers’ Compensation
- Commercial cases (in some instances)
If you handle a unique area of law, give us a call! We’ll work with you and see if we can find a way to help.
Why is Funding from RapidFunds Not a Loan?
A loan generally has monthly or periodic interest and/or principal payments due, with full return of principal required on a date certain. Our post settlement funding is not a loan but rather a purchase and sale of a portion of your anticipated legal fee.
We provide you with instant liquidity by purchasing a portion of your anticipated fee on a settled case. Then, we wait for your legal fee to arrive from the underlying obligor. If for some reason the underlying obligor doesn’t pay, you owe us nothing. Until the settlement fee is received by you, you pay us nothing.
When Are the Funds Due Back?
There is no compulsion to pay by a due date certain. Your obligation to transfer the amount of the legal fee you sold to us is upon your receipt of your legal fee from the underlying obligor. Once those funds clear in your escrow account, you immediately transfer the assigned portion of your legal fee to us.
If There is an Existing Funder I am Not Happy With, Can I Work with RapidFunds?
If you have an existing funder who will not provide you more capital or if their service is no longer a match for your firm, then call us. We may be able to help.
Trust RapidFunds For Your Post Settlement Funding Needs
Post-settlement funding was created to help plaintiffs’ attorneys who find themselves in need of cash while awaiting receipt of pending contingent fees. Access to funds can help you cover cash flow issues while you are waiting for your fees. Post settlement funding has been and continues to be one of the strongest tools in an attorney’s toolbox.
For more insights on legal trends and more, follow RapidFunds on LinkedIn. RapidFunds has been providing settlement funding for almost 20 years. We’ve completed over 4,000 transactions and have helped thousands of firms with funding. Stop waiting for your legal fees and contact RapidFunds today.