Attorneys – Build a Relationship with a Funder
As attorneys, you appreciate thoroughness because the outcome of a case may hinge on a particular fact. You also know that being thorough takes time. After all, time is essentially the attorney’s inventory to sell. Understanding that each minute has value is one of the first lessons young attorneys learn if they want to be truly successful. A loss of time equates to a loss of revenue. That is why an attorney – lawsuit funder relationship is valuable.
Attorney – Lawsuit Funder Relationships Help All Parties
One of the main benefits from an established attorney – lawsuit funder relationship is the streamlined process the working relationship provides. Your clients are not going to stop needing money, especially in these uneasy times. As attorneys, you need to be sure you are representing your client’s interests but also making sure you are paying attention to the spending of your resources.
You undoubtedly have business relationships with various vendors in your practice. Investigators, process servers, experts, medical providers are all part of a plaintiffs practice. The more you work with these businesses, the more comfortable the situation, and the more fluid the process becomes.
Think about it from this perspective – if you provide a service, any service, and were actually paid by the customer in past dealings, wouldn’t you be inclined to trust that customer in the future? In an effort to procure repeat business, wouldn’t you be willing to streamline the process so as to make it easier to do business? I’m sure you would agree that would make sense.
The same can be true with a relationship to a lawsuit funding outfit which understands your needs as an attorney (saving time, keeping clients happy, etc.). Funding companies want to minimize the drain on a firm’s resources because we know what it is to be personal injury attorneys. We are quite aware that lawsuit loan transactions are generally outside the scope of your representation in a personal injury case. Indeed, you are not paid for the time you spend facilitating a funding deal.
We want to speed up the process for attorneys who send cases directly to our firm. By working directly with a funder or funders, you can get the benefit of a more streamlined approach. We want to make the process easier for you and your staff so you can get back to your work.
Send us your business and we will show you just how easy lawsuit funding can be.
Clients Benefit from Attorney – Lawsuit Funder Relationships
Plaintiffs also benefit from a working relationship between lawsuit lender and their attorney(s). Like all businesses, there is a cost of origination for any new business. This means advertising and various other marketing activities. Lawsuit lenders often charge “origination fees” to off set the cost of new business. These fees can be up to 15% of the amount plaintiff receives and are typically financed by the client.
When you routinely work with a lawsuit funder, your clients avoid these fees because there is no cost to recoup. Understanding these savings and communicating same to your clients can go a long way in building a satisfied client base – one that will be sure to recommend your firm to their friends and family. A happy client is a referring client.
Funders Benefit Also
Making this concept a win-win-win scenario is the fact the lawsuit lender now has an attorney – lawsuit funder relationship it can count on. Lawyers that will deal honestly with lenders are very valuable and this recognition benefits all involved.
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Law Firm Loans Are Another Benefit
Law firm loans have been increasingly popular in recent years where attorneys pledge their fees on their existing portfolio of cases for an immediate influx of capital. Also known as legal portfolio financing, the money can be used for a variety of expenses such as:
- Case Costs
- Marketing
- Entering into a new jurisdiction
- Office expansion
- New hires
- Investment opportunities
- and more. . .
What to Take Away From All This
The purpose of this post was to outline the benefits a working attorney – lawsuit funder relationship offers to lawyers and their clients. At Fair Rate Funding, we’ve been helping plaintiff attorneys with financial support since 2007. We want to be your “go to” source for capital and have the experience to get things done.
To find out more about the services we offer, contact us or simply give us a call. We are here to help and are at your service.
