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Brian Ofsie Discusses How Lawsuit Funding Can Help Clients

June 9, 2019

Brian Ofsie from Delancey StreetBrian Ofsie Discusses How Lawsuit Funding Can Help Clients and Law Firm’s That Are in Litigation And Running Out of Funds

If you’re an attorney involved in litigation, or if your client is the plaintiff and needs funding in order to keep the lights on – you may want to consider getting lawsuit funding. If you’re an attorney then Delancey Street is an asset. We can provide capital for all your litigation related expenses and needs.

Delancey Street offers lawsuit funding and settlement loans in order to help plaintiffs and their attorneys. We are focused on helping law firms grow. Whether your law firm needs cash flow for operations, or for cases that have large out of pocket expenses – litigation financing can help you take on more cases.

Delancey Street’s team consists of attorneys and trial lawyers who understand the value of a case, and can help address the liquidity needs of your law firm.

What is attorney funding

Attorney funding is a term used to discuss law firm loans, lawyer loans, lawsuit funding, case funding, and more. Attorney funding is typically a non-recourse investment by an individual, or group of investors. Lawsuit funding for attorneys and plaintiffs includes pre-settlement and post-settlement cases. Having a war chest of funds is the key to a successful lawsuit and in order to build a great practice.

Attorney Settled Case Funding

This is a form of financing geared towards attorneys. If you’re an attorney and have settled a case – then you can get an advance on your fees from Delancey Street, or any other settlement funding law firm. You don’t have to wait for insurance companies or defendants to pay you from the settlement/judgement. According to Brian Ofsie, with settled case funding, you(the attorney), can get access to 50% of your fees recovered. Delancey Street provides funding regardless of when you reach a settlement – and regardless of the type of case. Typically in order to get started you need a copy of the executed general release, documentation of the attorney fees and the client’s recovery in the case, and the amount of funding you’re requesting. It’s not uncommon for attorneys to get “same day” funding.

Plaintiff Pre-Settlement Funding

This is a form of funding geared to plaintiffs. According to Brian Ofsie, most pre-settlement funding advances range anywhere from $500 to $5000. Lawsuit pre-settlement funding companies will advance anywhere from 10-20% of the estimated case value. The company who is funding you will typically not get in the way of your ability to settle the case.

What is Attorney Funding Exactly

According to Brian Ofsie, attorney funding is geared specifically towards plaintiff attorneys. Most law firms who look for attorney funding are looking for pre-settlement funding, post-settlement fee advances, lines of credit, case cost financing, or voucher funding.

Legal funding was designed by experts, according to Brian Ofsie, to specifically help attorneys and their clients survive the economic hardships of litigation. Many cases take forever to settle, and it’s common for attorneys to wait for decisions to be rendered. It takes a while for attorneys to be paid out, especially in long lasting legal battles. Legal funding is typically customized, according to Brian Ofsie, to benefit and help contingency fee attorneys. With an advance from a legal funding company, attorneys can be prepared to build their case without worrying about finances.

According to Brian Ofsie, attorneys use legal funding when they want to put together a more solid case

Contingency fee attorneys are sacrificing their time, expertise, and money, in order to build solid cases without ANY guarantee of payment. In cases that don’t settle in favor of the attorney, the plaintiff’s attorney walks away with NOTHING. Litigation is known to be a lengthy process. The typical personal injury case takes anywhere from 1-2 years, from the filing of the complaint to when the settlement is distributed.

Many law practices are ruined due to settlement delays according to Brian Ofsie

As with any business, law firms need working capital and a steady flow of it. Many attorneys struggle to maintain their legal practice when the fees are extremely delayed. The fees they collect are the lifeblood of their practice, and without it – it becomes hard to build new cases, and develop a practice. Attorney funding was designed to fit the needs of solo practitioners, and big law firms alike. It allows contingency fee attorneys to keep the lights on while waiting for big fees to be paid out. Bottom line, if you’re in need of funding – consider attorney funding. Companies like Delancey Street can help.

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