Law Firm Line of Credit for Plaintiffs’ Attorneys
Contingency fee attorneys who run their own practices understand that in order to make money, money needs to be spent. But money isn’t always readily available for these attorneys, who are only paid at the conclusion of drawn-out litigation that can be subject to numerous delays.
Plaintiffs’ attorneys often wait months or even years to receive payment for their hard work. A typical personal injury case can take up to two years or longer to reach a settlement. However, your legal fee can be subject to numerous post-settlement payment delays, especially when Medicare/Medicaid liens must be resolved prior to final disbursement. Cases involving minors, governments, and international entities are especially likely to involve payment delays.
When attorneys go such a long time without being paid, the task of running a law firm becomes increasingly difficult. Every aspect of a law practice, from building a new case, to seeking out new clientele, to routine office maintenance, requires access to capital. Attorneys must shell out money to pay expert witnesses, cover advertising costs, and maintain a regular payroll, but the up-and-down cycle of legal fee payouts causes untold complications.
Law Firm Line of Credit: A Solution for Attorneys Who Want Their Businesses To Grow
Balanced Bridge Funding offers an attorney line of credit for contingency fee law firms and solo practitioners. Here’s how a line of credit works:
- Balanced Bridge Funding will evaluate your case inventory, which we accept as collateral.
- Some portion of your case inventory needs to be settled cases so there is a defined cash flow.
- Based on that case inventory, Balanced Bridge Funding will issue a law firm line of credit.
- You can withdraw from this line of credit on a monthly basis to finance any aspect of your legal practice.
- Discuss a repayment schedule with one of our legal finance experts.
- As long as you have sufficient collateral, you can extend your line of credit at any time!
An attorney line of credit will help you and your business thrive while you wait for settlements to pay out. It can reduce your financial stress so that you can focus on securing new clients, building rock-solid cases, and maintaining your daily expenses.
Specifically Designed for Contingency Fee Law Firms
A law firm line of credit is specifically designed to help contingency fee attorneys who may not have much physical collateral, but who have spectacular case inventories with high potential gains.
Bank lines are extremely difficult to qualify for unless you have adequate physical collateral and a high credit score. Furthermore, even if you do qualify, you are unlikely to receive the amount of capital you require.
Unlike banks, we believe that your case inventory is not only your most valuable asset, but also a great source of collateral. In fact, we look almost exclusively at your case inventory when determining your line of credit, not your personal assets. That also means that your credit score has limited impact as to whether or not you will be approved for a credit line.
How to Apply for an Attorney Line of Credit:
If you think that a line of credit for your practice may be the right fit for your legal funding needs, call 267-457-4540 to speak to one of our legal finance experts. Or, CLICK HERE to fill out our brief online application.