What is attorney funding and why it is better than a bank loan?

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What is attorney funding and why it is better than a bank loan?

Robinson Nov 25, 2020 0 137

An attorney is very aware of the fact that growing a business is indeed difficult. The expenses can be minimized but it may take many months or even years to receive payouts from business or trade settlements. In such a situation, Attorney funding is the best way to financially support your business until the settlement is done, legally. The systematic arrangement helps build a growing firm by providing capital to it. This may eventually bring rewards in the future ahead.

Definition & Types of Attorney Funding

Attorney Funding was developed by law experts particularly to provide monetary assistance to attorneys and their plaintiff clients during long-standing legal battles. Attorney financing consists of voucher funding, pre-settlement funding, post-settlement funding, case cost financing, and such types of legal funding.

The funding methods can also be customized to meet the budget, case, and time frame demands of the attorney. With the financial aid from a legal financing company, attorneys can improve their preparation to build a winning case or build a growing firm.

Why is this better than a bank loan?

Just like every business, a law firm also requires a steady flow of funds to continue its day to day operations. Many attorneys face difficulty to continue their law practice due to low or delay in fee payment from clients. But, they find attorney financing reliable and better than bank loans. One of the most important reasons for this is legal funding is not a loan, but an advance. This means the advance monetary amount from the legal funding corporations is their future fees.

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