Law Firm Financing
Law Firm Loans
TriMark Legal Funding provides long-term financing for plaintiff law firms nationwide.
Law Firm Funding Is Fast, Smart Working Capital
TriMark Legal Funding has been in the legal financing industry since 2003. It delivers proven, reliable, and powerful law firm funding options to attorneys and law firms.
It’s no secret that running a contingent-fee legal practice is a speculative, costly, high-risk endeavor – even on a good day. Managing day-to-day operations requires positive cash flow. So does taking your client’s case to court or playing hardball in settlement negotiations. Law firm funding is designed to provide you with financial assistance so you can achieve your goals.
Intermittent, unpredictable cash flow combined with any other real-world factor like a slow economy, case delays or even a bad decision or two can be all it takes to bring an otherwise healthy law firm to its knees. Law firm funding can bring order to an otherwise chaotic part of your day-to-day operations.
Investment and financing usually buoy big firms. Solo practices and smaller firms may resort to personal savings, loans from friends and family, and bank loans. The third one does not give leeway to struggling firms. If you have limited assets, you’re likely to be rejected. Banks do not consider the potential value of contingency fees.
To ensure long-term survival, you must think strategically about sourcing working capital.
Law firm financing is one of the most accessible, affordable, and accessible ways for your law firm to be stronger.
Request a free quote
Tell us how we can help and one of our team members will contact you shortly.
What is Law Firm Funding?
The Achilles’ heel of many legal practices, especially newer ones, is that they rely heavily (or completely) on the availability of bank loans or lines of credit for their working capital.
The problem is that most banks and financial institutions are incapable of accepting or assessing the latent value of a law firm’s single largest asset: its inventory of future contingent fees.
Instead, these traditional lenders require non-liquid assets such as real estate, stocks, and bonds in exchange for credit lines or loans.
Relying on bank credit lines, if you manage to secure them, can also be high-risk, especially in a turbulent economy. You need a backup plan to avoid running your law firm into the ground.
TriMark Legal Funding offers a better, smarter, and far less risky alternative. We accept future receivables (the attorney’s fees) as collateral.
Our lawyer fee acceleration and litigation financing programs will provide you with a big wad of cash now to restore your cash flow and your law firm on solid financial ground.
How To Qualify for Law Firm Funding
We offer (min) to (max) to attorneys and law firms that satisfy the following criteria:
- You or your firm has a portfolio of personal injury and employment cases
- You have a track record of winning and accepting meritorious cases
- You or your firm has a history of profitability but requires working capital for business growth
- You or your firm’s principals have built a reputable name
What Is the Process for Applying for Law Firm Financing?
In need of cash to grow your business today?
You’re better positioned to apply for law firm financing instead of bank loans and credit lines, which take a ton of paperwork and processing.
Lawsuit loans and lines of credit are relatively fast and affordable. They don’t require personal credit checks. After all, they’re non-recourse. Attorneys are not personally liable for paying back the advance. That, instead, depends on the disbursement of your share from your client’s settlement or compensation.
Application typically lasts a few minutes. Once you’re approved, you can receive a portion of your future contingency fees. We limit it to 10% to 50% to ensure the safety of your receivables.
Get your funds in one to 24 hours of approval. You’re free to decide how to spend your money, but most of our attorneys and law firms use it to improve their business and covering litigation costs.
What Can Law Firm Funding Be Used For?
Whether you’re working solo or for a law firm, your cash flow can be hit due to delayed payments, bad decisions, and drawn-out legal battles.
You can face formidable costs when dealing with complex personal injury and employment lawsuits and even commercial ones.
Law firm financing is a legitimate and effective way to boost your chances of success in trials, negotiations, and day-to-day operations.
Here are the benefits of tapping into this financial assistance for your practice:
Grow Your Business
Cushion the impact of out-of-pocket expenses and expand your inventory of cases at the same time.
Stabilize Your Cash Flow
Improve your liquidity while ensuring predictability and stability in your operations.
Lower Your Risk
For attorney’s fees acceleration, keep the sum you advanced in case of non-payment or short payment.
Make the Terms Work for You
Get low rates of 11-13% per annum, payable up to 36 months.
Know Details Upfront
Apply for free, without monthly payments and hidden charges.
Provide Assistance to Your Clients
Extend pre-settlement and post-settlement funding to your clients at competitive rates.
The Difference Between Loans From Legal Funding Companies and Banks
Access to bank financing can be tight. Traditional banks administer loans and credit lines to a high-end clientele. But if you’re small to mid-size, they often see you as a risky bet.
If you ever get through the first barrier, you’ll have to wade through paperwork. Banks are notorious for strictly requiring collateral, such as stocks or real estate. They’ll ask for guarantors, like your firm’s partners. This puts too much pressure on your business when you’re already short on cash after computing your expenses.
Law firm financing stands out because it accepts your future contingency fees as collateral. It is also not a loan but a recourse cash advance or a line of credit with flexible and affordable terms.
Importantly, it is designed to cater to attorneys and law firms. Partners won’t be asked to guarantee your loan (because it is not a loan). Also, payments are not fixed.
You can pursue activities that can keep your practice up and running with this unique form of financing.
At TriMark, we also have commercial litigation funding for lawyers and firms working on a case against a defendant with a bottomless purse.
What Types of Funding Are Available to Me and My Law Firm?
Law firm funding providers can lend a hand to attorneys in general. But their solutions can differ in scope and complexity.
Our offerings are designed to support attorneys handling diversified cases. You can apply for financing when you’re close to tapping out or touching your cash reserves. But you can also get fresh capital to grow your practice.
We have powerful law firm funding options to assist you, so you can focus on winning your cases.
Accelerated Attorney Funding
Getting paid on a contingency basis can increase the volatility of your firm or practice. While you can collect 5% to 50% of your client’s award, it is still money that you don’t have now.
To move the case along, you’re responsible for covering out-of-pocket costs. Court filing fees, discovery costs, and expert witness fees can quickly amount to hundreds of dollars.
It’s probably safe to say you’re going to spend upfront until the settlement check arrives in your trust account.
You have to be liquid to stay on top of these overhead expenses.
Fortunately, you can recover your investment earlier with attorney fee acceleration.
This option is available for contingency-fee attorneys with settled cases. We can buy up to 50% of your anticipated fee.
If your total fees reach at least $10,000, take advantage of this fast, affordable, and flexible advance. Under our agreement, you will only pay us back once you start disbursing the settlement amount.
Working Capital Line of Credit
Law firms with a contingency fee caseload may wait years before collecting revenue. That value may not become available to your business this fiscal year.
Still, you have to meet payrolls, increase your marketing efforts, expand your case inventory, and cover operating expenses.
Having sufficient working capital will help you or your firm pay for short-term expenses and liabilities.
If you want to inject fresh capital into your legal practice, a working capital line of credit from a law firm funding provider like TriMark may be the answer.
Is that similar to a traditional bank loan or line of credit (LOC)? No, it’s different.
First, our working capital LOC is dedicated to lawyers and law firms only. The grant is based on your case inventory. Your line of credit can increase if your case inventory grows.
Next, banks require credit checks and real estate collateral, which is often an impractical and tiring pursuit. The loan application process can take time. Meanwhile, our LOC uses your contingency cases as collateral, nothing else.
Through our approach, you can maximize the latent value of your contingency cases. You can strengthen your cash flow and stay liquid while you manage your business.
Best of all, monthly repayments are flexible. You can brush off worries about where to get money and focus on bringing in more cases, paying your bills and employees, and having a backup when taking on a deep-pocketed defendant.
Complex Litigation Financing
Speaking of deep pockets, you may be eligible for litigation financing if you’re filing a suit against a well-funded commercial defendant.
But this type of law firm funding can work for you if you need to improve your liquidity for other reasons. For instance, you have to be current on your bills, expenses, and payroll. You’re spotting trial and settlement processing costs. Or you’re planning to expand your business and hire additional staff.
Commercial lawsuit loans are not like traditional loans. No upfront fees and credit checks needed. TriMark’s processing and approvals are also the fastest for commercial cases in the industry.
This financial assistance is available for a variety of cases, including the following:
Anti-trust claims, breach of contract, business torts, class action lawsuits, copyright infringement, fraud, intellectual property, oil & gas litigation, patent litigation, products liability, real estate disputes, right to privacy, securities fraud, tortious interference, unfair competition, and wrongful death claims.
What Types Of Lawsuit Funding Are Available to My Plaintiff Clients?
TriMark can extend financing to your plaintiff clients, provided their cases fall under personal injury or employment litigation.
They can choose the solution that’s appropriate to them:
Pre-Settlement Cash Advance For Plaintiffs
Most injury and employment claims last two years, more or less. Such protracted civil trials can take a toll on a plaintiff’s finances.
A pre-settlement loan can help your client pay their medical bills, rent or mortgage, car loan, and other major liabilities that are current. Most of the time, the cash also covers living expenses.
It’s up to them if they want to use a portion of the funds on legal costs.
The cash advance is made on their future settlement money, so there’s absolutely no risk on their end. Your client can keep the advanced sum if the case doesn’t settle, or the verdict favors the defendant.
Post-Settlement Cash Advance For Plaintiffs
You know too well how insurance companies can skew rules and regulations to delay the release of settlement checks.
Plaintiffs can wait months or years before their compensation is distributed. Even with a generous award, they can be holding on to ghost money for a while.
Meanwhile, they can be faced with financial challenges now. This is where post-settlement loans come in.
The risk for this type of law firm funding is lower than that of a pre-settlement advance. It has fewer requirements, too.
If the amount isn’t met or not paid, your client can walk away without obligation to the funder.
Latest Developments in Law Firm Financing…
No feed items found.