Aug 022013

How The Lawsuit Funding Process Works

Law Suit Funding Procedure

Law suit funding is very important as you await settlement for a law suit. Most insurance companies will endeavor to delay any kind of settlement in a bid to make you settle for less due to increasing money demands. It is important that you do not settle for less but instead play the waiting game with the insurance company. If you do not have any funds available for any expenses that you may be incurring as a result of your accident, or even for just the normal everyday expenses, then your best bet is to settle for law suit funding. With the added advantages this type of funding offers, you can achieve a lot more as you deal with your financial difficulties. There are certain procedures that need to be followed when applying for law suit funding and they include:

  1. Interview with Attorney

First and foremost the law suit funding company has to initiate contact with the attorney handling your case so as to review the case and look at the facts. This will help establish the strength of your case and help the law suit funding company decide how much funding is appropriate for your case. This is also to ensure that the attorney handling your case is working on a contingency fee agreement, meaning that he or she only gets paid if you win the case.

  1. Collection of Client Information

Next, the law suit funding company will collect copies of all the information the attorney has on the plaintiff as related to the case. This can be provided by anyone at the attorney’s firm. This information helps generate a file for purposes of the funding agreement.

  1. Offer Approval

Depending on the strength of the case, the law suit funding company will make an offer to either the client or attorney handling the case, depending on what was agreed. At this point, the client or attorney determines whether the funding is appropriate and if the agreement is acceptable. It is important to note that the funding offered does not go towards paying the attorney but rather to deal with whatever financial obligations the client may have as a result of the accident or injury.

  1. Offer Acceptance

The client is expected to review the offer with their attorney and make a decision as to whether to accept the offer or to reject it. If the offer is accepted, a funding agreement is then forwarded to the attorney’s firm where it will be reviewed to establish that everything is as agreed. The client is then expected to sign the agreement, which is acknowledged by the attorney and the agreement sent back to the law suit funding company.

  1. Payment

Once the funding agreement has been completed and received by the funding company, payment is immediately effected through a check or wire transfer.

Once this is complete, all that remains is for the attorney to provide periodic updates as regards the case and to make payment to the law suit funding company once the settlement is effected.

For more information about the benefits of lawsuit funding, click the link below or copy and paste it into your web browser:

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Suites 1618
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