5 Tips for Selecting the Right Legal Funding Company
Legal funding for attorneys is becoming increasingly popular. Third-party financing can help law firms and lawyers cover the ever-increasing costs of litigation, grow their firm, and cover operating expenses. Finding the right law firm funding partner, however, can be tricky.
At Best Call Funding, we offer custom financing solutions for law firms and their clients. Our innovative approach to attorney funding ensures that lawyers are able to cover litigation costs while still having enough capital to acquire new cases. If you want to find the best law firm funding partner, contact Best Call Funding today at (888) 970-4207.
If you are interested in legal funding for your law firm, consider these 5 tips:
1. Tailored Financing Solutions
A legal funding partner should offer you tailored financing solutions that meet your needs and the needs of your clients. Attorney funding should never take a one-size-fits-all approach.
Look for a lending partner that offers several attorney funding options, including:
- Working capital lines
- Settled case funding
- Pending case funding (pre-settlement legal funding)
One of the most important things that you should consider when deciding on a law firm funding partner is whether they will work with you to provide you with the resources you need. A company that is unwilling or unable to help you achieve your unique goals is probably not the best financial partner.
2. Transparent Terms and Conditions
Transparency is vital in any partnership. Too often, the unexpected costs and hidden fees are cloaked in the fine print of financial contracts. With any legal funding partner, you want all of the transactions to contain clear, concise information. There should never be unexpected costs or high-interest fees associated with their services.
Unlike a traditional lender, a suitable law firm funding company should absorb the risk. Costs associated with pre-settlement legal funding should only have to be repaid if you win the case and recover money on your client’s behalf. At all times, the company should operate with integrity helping you and your team achieve success with access to the money you need when you need it most.
3. Trusted Professionals and Leaders in the Industry
Another critical component of working with a legal funding partner is that they have extensive experience. Due to increased demand, many third-party legal funders have popped up almost overnight. Unfortunately, many of these companies lack the expertise and insight needed to help law firms and attorneys achieve success.
The best attorney funding company will have a team of trusted professionals who have worked in the field for years. They will be leaders in the industry, having helped numerous attorneys and their clients. Additionally, they should be able to provide expert advice based on your individual or firm wants and needs.
4. Fast, Easy Process
Legal funding doesn’t have to be complicated. The process should be fast and easy. Look for a funding partner that offers a quick path to approval, one that provides funding decisions within 24 hours. You should not have to wait weeks and months to hear back from a third-party lender.
For contingency fee attorneys, their (or their firm’s) money is often on the line, fronting the cost for litigation. A law firm funding company should understand that you need access to capital fast in order to continue providing superior legal services to your clients.
5. A Partner in Success
Finally, look for a company that will be a trusted partner. You want someone who is invested in your success and the success of your firm. The right legal funding company will not only understand the legal industry as a whole, but they will also have a firm understanding of how individual cases work. Finding a true partner will help take your firm to the next level.
Ready to Find the Best Legal Funding Partner?
Call Best Call Funding today at (888) 970-4207 to get started. We offer several funding options for attorneys and their clients. Our team of case managers can help you get access to the capital you need so that you can cover all litigation and operating costs. Apply online today and get a response within 24 hours.