Litigation Finance
The Best-Kept Secret of Successful Law Firms
Stop Gambling With Your Law Firm's Cash Flow
It's no secret; running a legal practice on a contingency basis is a costly proposition for anyone.
And from a purely financial perspective, especially in this economy, dipping into your law firm's cash reserves or providing for the firm's working capital needs with a personal loan is about as risky as you can get.
Stop Gambling With Your Law Firm's Cash Flow
It only takes a couple of losses or bad decisions to cause an acute shortage of cash that can cripple your legal practice or worse, drive your law firm straight into the ground. Lawsuit financing or litigation loans can help protect you and your law practice.
It's a harsh lesson to learn, but being a good lawyer is not the only consideration when you manage a law firm, especially when you're taking on a defendant with deep pockets. You've got to think about working capital to cover operational expenses. Litigation frequently boils down to a war of attrition where victory is determined not only by the merit of a case but also by the financial resolve possessed by each side. Winners always try to negotiate with the deck stacked in their favor.
What is Litigation Finance?
Litigation finance technically refers to the financing of litigation expenses, working capital, operational expenses and other costs associated with litigation such as discovery, research, investigations, expert witnesses, etc. However, as plaintiff lawsuit loans, legal funding and lawsuit cash advance have become more popular and mainstream, the term litigation financing seems to have taken on a broader meaning that many people seem to use to refer to both plaintiff funding and attorney funding/law firm financing.
Litigation Funding: TriMark Legal Funding LLC Does What Banks Will Not
If you're a practicing contingent-fee attorney or managing partner in a contingent-fee based law firm and you're in need of operating capital, banks are the normal place to start looking for a working capital loan or line of credit. Unfortunately banks just won't give you the cash you need for law firm working capital under favorable terms. This is especially true nowadays with the latest economic downturn and banking turmoil. Lawsuit funding can help your law firm bridge the financial gap between where you are and where you want to go.
In order to consider lending money or opening a line of credit to attorneys or law firms for operating capital, most banks will normally require personal guarantees from each of the partners, in addition to collateral that is equal to, or greater than the loan amount; normally require security (collateral in the form of real estate or other valuables) and have specific remedies in case of default - most notably the forfeiture of the collateral placed as security. But that's a risky way to run a law firm because if things don't work out just right, you can really lose big.
Litigation Loans - Shouldering the High Cost of Justice
Litigation funding from TriMark Legal Funding LLC gives you some important choices; choices not every lawyer gets.
Smart attorneys will simply use the latent value of their contingent fee caseload as collateral. Banks wouldn't dream of allowing contingent fee assets like legal fees as collateral but TriMark Legal Funding LLC understands that future court settlements make excellent collateral and we can provide flexible, innovative, customized financial solutions for contingent fee law firms that banks simply cannot.
We work with the real world cash and working capital needs of contingent fee attorneys and our funding programs are designed specifically to work with the 'ebb and flow' nature of legal practice cash flow.
Even with a well documented claim and a competent legal team, paying 100% of all plaintiff case costs and litigation expenses out of your firm's cash reserve can put you at a handicap. With large, expensive cases it can be dangerous and excessively risky to your practice and could even prevent you from taking on new cases that could create additional revenue opportunities. But it doesn't have to be that way.
Non-recourse or full-recourse litigation financing is an innovative way to fund your law practice and finance litigation expenses using other people's money.
Find out now by calling us at 1-877-932-2628 or simply complete the info below.
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