As an attorney, your primary concerns are making sure your clients are being taken care of while handling your case load. But what happens when you’re working diligently on a case and your client feels pressured to settle early in order to pay her bills? Or when your client calls and tells you that they need funds now to pay their bills? Instead of settling and walking away from a much larger settlement, consider suggesting that your client apply for pre-settlement funding from a reputable company such as Cherokee Funding. Read on to learn answers to some of the most commonly asked questions about pre-settlement funding.
What is Pre-Settlement Funding?
Pre-settlement funding is a non-recourse type of funding that gives a plaintiff financial relief while waiting for her lawsuit to settle in court. Oftentimes, defendants will attempt to convince the plaintiff to settle early with a sum much smaller than the case is actually worth. When the plaintiff is in desperate need of income, she may take this smaller settlement in order to pay the debts and bills she’s incurred during the ongoing trial. While it’s understandable, this is a poor strategy for the plaintiff, so we provide financial help so she can wait for the trial to come to completion and you can focus on building the best case for her that you can.
Why is Pre-Settlement Funding a Great Resource for Attorneys?
When you refer your client to Cherokee Funding, we help provide her with financial assistance and an open line of communication about their case. By doing so, we’ve created two great opportunities for you as an attorney: you’ve got a client who now has funds to live, and you’re able to put all your energy toward building the best case possible to receive the highest award for your client that you can.
How Does Pre-Settlement Funding Work?
Investors such as Cherokee Funding take a look at the case and all documentation to determine the probability of a positive outcome. Once we’ve determined that the case should win in court, we can offer the plaintiff 10-15% of their expected award. These funds are for the plaintiff to be able to pay for basic expenses and are intended to keep the plaintiff’s head above water until they can receive a full and fair award from their case. Examples of ways plaintiffs use this funding include paying rent, purchasing food and paying for utilities. Once the trial is over, the plaintiff pays back their advance plus a usage fee. Our rate is dependent on several factors, but is among the lowest in the industry.
Why Work With Cherokee Funding?
The founders of Cherokee Funding have decades of financial experience that they used to develop a funding process that is both fast and efficient so your client can get the funding they need quickly. Our staff works to get all of the necessary information on the first call, so we don’t take up more of your time and your client’s time than absolutely necessary.
Our reputation is everything to us and it’s second to none. We take a partnership approach and we never overfund cases. Our goal is always to provide the client enough money to pay their bills so they have the maximum amount leftover at settlement.
Additionally, we’re a proud member of the American Legal Finance Association (ALFA). Through this association, we help establish and maintain the highest ethical standards within the legal funding industry.
If you think that pre-settlement funding may be a good fit for your client, chat with them and have them get in touch with us today to see how we can help their unique situation.