Case Cost Financing (Case Cost) allows plaintiffs’ attorneys to have their case expenses paid as they pursue justice for their clients. Lawsuits are very expensive to litigate and depending on the kind of case, it can be months or years before a final outcome. Once an attorney decides to represent a client, the bills start to mount. While a case proceeds in court, plaintiffs’ attorneys need to find a way to get those bills paid. Most attorneys have a multitude of cases they are litigating, so those expenses can run into the high six figures quickly.
Some plaintiffs’ attorneys may use some form of legal funding to help pay for their case expenses. Legal funding is a huge field and there are different kinds that are setup for different stages in the life of a lawsuit, such as pre-settlement, post-settlement, litigation financing, case cost financing, medical funding, appeal funding, verdict funding, judgment funding and structured settlement funding. Usually when legal funding is mentioned, it refers to plaintiff funding in a pre-settlement context. The huge need for that kind of funding coupled with the large amount of advertising done in the media, has helped popularize pre-settlement funding. Litigation financing can be another term used to describe legal funding.
Case Cost funding allows a trial attorney to directly tie his/her case costs to how much financing they need. Expert witness, trial exhibits, depositions, travel costs, document processing and courier services are among some of the expenses where case cost financing could be used. There are many factors that drive plaintiffs’ attorneys to use case cost financing. The structure of contingency fee compensation generally includes provision for plaintiffs’ attorneys to assume the outlay of all the costs. That puts a huge burden on plaintiffs’ attorneys and their finances. That can directly affect how the law firm operates because unreimbursed cases expenses can hurt the bottom line.
Traditional lenders like banks and credit unions are reluctant to finance plaintiffs’ law firms because of typically stringent funding standards. Traditional lenders far too often simply don’t understand the ebbs and flows of a plaintiffs’ attorney’s contingency fee practice and are thus unwilling to offer meaningful financing.
RapidFunds was created by former plaintiffs’ attorneys who understand the challenges of running a plaintiff contingency fee practice. Post-Settlement funding was specifically designed to assist cash flow necessary to help a firm maximize its growth and revenue potential.
Any plaintiffs’ attorney interested in receiving more information about case cost funding or post-settlement funding can call 877-927-9500 or email firstname.lastname@example.org. Plaintiffs’ attorneys can also apply on our website at www.rapidfunds.com to get the process started.