FAQ’s – Frequently Asked Questions
(For info on PLAINTIFF Funding, please scroll down the page)
| –> LAW FIRM Funding <-– Pre-Settlement |
| 1. What is Pre-Settlement LAW FIRM Funding (Litigation Funding)? – Pre-Settlement Funding for Law Firms is unique among financial transactions. The concept arose out of a need for law firms to be able to access capital speedily for their business and without jeopardizing their personal assets. – Today Law Firms have such access to capital. It is now available to your firm through private Investment/ Funding companies who understand the complexities and nuances of running a law practice. The national firms that Sea-Green Financial works with offer funding to Law Firms on a pre-settlement basis, which allows you to utilize a portfolio of current cases as collateral. – This type of Alternative Funding – works particularly well for firms that handle large cases on contingency (or on partial contingency). – Why? If one or several of those cases settles for a substantial amount, the fees earned by the Law Firm could more than compensate for the high cost associated with the high-risk that an outside company undertakes to provide such financing.
=» Serious Personal Injury …to name the most prominent types of cases. When settled in Plaintiffs’ favor, these cases typically involve huge monetary settlements. 3. Additional Considerations:
– A key component to qualifying for law firm funding is “value” – potential settlement value. By that we mean… can some dollar value (or range of values) be placed on the anticipated settlement of the cases that are put up for collateral? Naturally, this calls for substantial supporting information and documentation, which your firm will already have available in your files. 4. How Does the Process work? – Kindly tell us a little about your practice, your firm’s principals, and what kinds of cases you handle. Also, let us know your financial requirement and how soon you need additional capital. a) — » Preliminary Application – As soon as you complete this brief application, we present it, along with our Summary of your firm’s situation and the kinds of cases you handle, to our selected legal funding company for their evaluation. b) — » The Evaluation Process – In order evaluate your funding request, our Legal Funding Company will need to review all discovery, motions, and relevant documents pertaining to the cases that you will be submitting as collateral. This material can be emailed via attachments to their offices. The Funder may also request other verifying records and/or additional information. For your convenience, we will provide you with a form to fill in supplying the important details of the cases. And naturally, they will want to talk with the principals of your firm, so we typically arrange a conference call meeting to accommodate all parties. d) — » Accepted – If our Funder initially chooses to underwrite your law firm, you will be immediately notified. Further discussion, other information, etc., will be exchanged, and the specifics of the funding can be worked out to the benefit of all parties. e) — » Once confirmed that the ‘funding is a go’ and all principals involved agree to the financing terms, you simply deliver the signed agreement back to the funder post haste. Disbursement of funds will be forwarded to you shortly thereafter as agreed. 5. And the Cost? – The requirements of different Litigation/ Legal Settlement companies – But consider this! If one or more of the cases which you 6. How Soon can My Firm get advanced funding? – The process… from submitting your initial application and supporting case documents, the funder’s review of all the information submitted and getting everyone’s questions answered, to signed agreement and actual funding… typically takes about 30-45 days. Your cash advance can be wired directly to your firm’s bank account. 7. Anything Else I need to Know or Do? – Yes there is. NEW: Unlike previous terms, when you request non-recourse financing, personal guarantees are now required for the principals of your law firm. With everyone’s best cooperation in furnishing requested information and documentation, the faster the funding process can be implemented. Be assured that all information you provide to us (verbal and written) is held in strictest confidence at all times. 8. What if I or my Partners have further questions? – We welcome your questions or requests for additional information. Be sure to call us or e-mail us any time. In fact, we’ll be staying in touch with you whenever we’re notified about any new developments you need to know about. Our purpose is to make sure you are fully informed and satisfied with our service and that you get all your questions answered in a timely manner, before and even after funding has taken place.
Call us now at: |
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| -> PLAINTIFFS <- Pre-Settlement Lawsuit Funding |
| 1. What is Pre-Settlement Lawsuit Funding for PLAINTIFFS all about and why is it necessary? – Pre-Settlement Lawsuit Funding takes place when a finance company that specializes in Legal Financing ADVANCES money to a Plaintiff (who is in dire financial straights) BEFORE the lawsuit case is settled. This is also referred to as Legal Funding or Litigation Funding. – Our PURPOSE in providing this important service is to help those people who find themselves in a dire financial condition as a result of serious injury (an accident – not their fault) to get some financial assistance prior to the settlement of their law case. We’re talking about Plaintiffs (or Claimants) who’ve been out of work recovering from their injuries, have lost a good deal of income and as a result have fallen way behind in their family and household expenses. In the meantime, their legal settlement is taking a lot longer than expected, but the bill collectors don’t care; they’re putting heavy pressures on these individuals to pay up or face losing their home. So we’re talking about a matter of survival – not a matter of convenience. — Jake, for example, had been waiting so long for his case to settle that he was forced to choose between paying his rent or taking his medications: he couldn’t afford both! With the advance amount we got for this plaintiff, he was able to stay in decent health and wait out the settlement process of his lawsuit. 2. What kinds of cases Qualify for Pre-Settlement funding? Auto Accidents 3. How do I know If My Case Qualifies for funding? – • – First, do you have a dire financial need, and have
you exhausted all your other financial resources (family, credit cards, etc.)? – • – Second, is your legal case “seasoned?” That is, – • – Third, has your attorney received an “Offer to If you answered Yes to the above questions, then kindly request a Preliminary Application [on our “Contact Us” page], so you can fill it in and return to us right away. If you prefer, call us and we’ll be glad to take your case information over the phone. Call: 818/ 594-1272. As soon as we receive this initial information, we will let you know which supporting documents and reports pertaining to your case will be needed by our selected Legal Funder/Underwriter.
4. How Does the Process work? – A– Our Legal Funder discusses the matter with your Attorney and – B– At that point, you’ll be asked to provide us with additional
documents and reports (legal filings, medical reports, etc.) in order to further analyze the details of your case. – C– Once you are confirmed that your case meets our Funder’s
5. How Soon can I get advance funding on my case? – As soon as the funding company receives your signed agreement (with your Attorney’s OK), the moneys for your cash advance can be sent overnight or wired to your Attorney’s account within 2 to 3 days. – Yes. It’s essential that we have your Attorney’s full cooperation. You can assure him (or her) that we will not be calling their office unnecessarily, but we will likely need to do so from time to time. We may also be contacting the Legal Assistant or Paralegal working with your attorney. You are assured that all information is held in strictest confidence at all times.
7. What if I have further questions? – Call us or your attorney. Our purpose is to make sure you are fully informed and satisfied with our service and that you get all your questions answered so there’s no delay in getting you the funds you need as quickly as possible. Call us now at: Sea-Green Financial Services website: SeagreenFinancial.com |
