22 Jul Legal Funding: Why a Lawyer Should Refer a Client for a Cash Advance
Lawyers in most states cannot support you financially during the difficult times after the accident, as they cannot or are not allowed to advance their client any money; this may cause a conflict of interest. However, it’s true that many personal injury lawyers aren’t in favor of their clients obtaining pre-settlement funding. Certified Legal Funding’s advances may be used for any purpose including living expenses, medical treatment, education, mortgage or rent payments, car loan payments, etc. and may provide the financial security necessary to resist the temptation to accept unreasonably low settlement offers and to ultimately achieve a more favorable resolution of your case.
Here are a few reasons why a lawyer should refer his/her client to a pre-settlement funding company:
Even if a lawyer decides not to assist his/her client in obtaining personal injury funding, the client will most probably search for funding on their own. When clients start researching for funding companies it will involve Google search that will display results showing a lot of funding companies. It’s almost certain that clients will apply with several companies at the same time which will require many information requests to the lawyer’s office. Most of the clients are usually in need to get their cash advance as soon as possible so they will try to push as much as they can until the funds are transferred to them. This process might be stressful for the plaintiffs and with not much of cooperation from the lawyer’s office, they will be frustrated. Frustrated clients are not what you want as a lawyer, right?!
Cost of funding
There are a lot of brokers who out there who feed funding companies at a high cost to people seeking legal funding. Your client who received the funding might be going through a broker as well. It’s much better if a lawyer refers the client to a reputable funding company and avoids a broker, they will save hundreds or thousands of dollars for the client when the case settles.
Many plaintiffs are in an immediate need of money after the accident, more so if their injuries are severe and they’re unable to work. They have to be able to pay for their everyday expenses, bills, and medical treatment. Even if you, as a lawyer, are against pre-settlement funding, it is your client’s situation that dictates whether the cash advance is needed and appropriate. If you recommend a legal funding company to your client, he/she is more likely to pay less in fees and the transaction will be faster for both of you.
This where Certified Legal Funding can help the lawyer and the plaintiff so every aspect of the process goes smoothly. Our experienced team will make sure to help you while you’re waiting for your case to settle. Feel free to contact us at 800 922-7439.