Recently, I wrote an article that will soon be published in various legal newspapers and legal websites. The article details several important issues to consider when your client seeks lawsuit funding. Over the next few days and the next few blog posts, I will post these important considerations with an intent to educate attorneys and clients on how to best utilize a non-recourse cash advance program of lawsuit financing.
The first “Thing to Consider” is:
1. Why does your client need the money?
Legal funding can be an expensive method of obtaining needed dollars. Therefore, the prudent attorney (or lawsuit finance company representative) must discuss “need” with the client. Are there pressing financial issues? What are they? Often, we at Lawsuit Financial Corporation find that the client is being evicted from his/her rental home, or, worse, facing foreclosure of an owned residence. Food, shelter, car payments, medical care, prescriptions, are all important items that can be secured with a lawsuit finance company’s assistance. If the client is not faced with these types of dire circumstances or has other sources of revenue to tap, he/she is probably not an appropriate candidate for legal finance services.
Look for the second tip in our “Things to Consider” series in our next blog post.