Funding for Attorneys
Recourse and Non-Recourse Loans
Rapid Legal Finance can help attorneys increase cash flow so they won’t have to turn away business or refer business to other law firms while waiting for their fees. We offer creative financing.
While banks and traditional lending institutions consider such factors as credit worthiness and the cash flow of a law firm, we use the expected fees from your pre-settlement or settled cases to determine financing. Because of our expertise in valuing contingency fee cases, our attorney funding programs are able to advance significantly higher amounts of capital than traditional institutions. And we do so in less time with little or no risk to the personal assets or credit of the attorney or firm.
In addition to recourse funding, non-recourse funding is also available to attorneys and their firms. These advances are contingent upon favorable settlement of a group or portfolio of suitable pending cases and secured by an agreement that provides that funds advanced shall be repaid, plus a fee, when the relevant lawsuits ultimately settle. The cost of this type of funding depends upon the length of time the funds are outstanding and the perceived risk of these cases. There are no monthly payment requirements - the advance is paid back only after successful resolution of the pledged cases.
Smaller law firms typically choose non-recourse attorney advances because they do not require personal guarantees, nor do they require a pledge of the entire caseload in a law firm’s inventory. With this type of financing, should the attorney lose the case or cases funded, the attorney owes the funder nothing. Of course, this type of funding is more expensive than recourse-based loans or lines of credit due to the greater risk of loss to the funder.
Rapid Legal Finance is here to help you grow your business by getting the money you need when you need it. Call or email us today and we will review your case portfolio and funding requirements and advise you of your options.
In addition to assisting you/your firm with your funding needs, Rapid Legal Finance is also able to provide cash advances to your clients against the proceeds of their cases so that they won’t pressure you to accept low settlement offers because of their pressing financial needs. When your client asks you for an advance and you are unable to comply because it is unethical and/or prohibited by law, you can get your client the funds he/she needs. Call or email us and we will handle the whole process for your client. It is fast and easy and takes very little of your time. We make funding decisions quickly and provide your clients with the funds they need by wire transfer or overnight mail.
Contact us to learn more.