All businesses rely on a steady stream of income for their operations, and law firms are no exception. Lawyers, especially those who work on contingency, may not have the caseload necessary to create regular income, especially if they’re new.
Silver Dollar Financial has law firm funding & financing options to help attorneys get the income they need to run their businesses. We offer pre-settlement case funding, post-settlement fee advances, voucher funding, and lines of credit.
Pre-Settlement Case Funding
It takes money to win a successful lawsuit. If you’re a small firm facing a big insurance company, you may not feel like you have the resources to compete. That’s where our pre-settlement funding for law firms can help.
We can get you the money for travel, interviews, discovery, and research you need to win your cases. Like other pre-settlement funding options, if the case fails then the debt is non-recourse and you don’t have to pay us back.
Post-Settlement Fee Advance
For contingency lawyers, the wait between winning a case and receiving the funds for your fee can be terrible. Instead of waiting, you can apply for a post-settlement fee advance through Silver Dollar Financial.
With this option, you can get your fee in advance so you can grow your firm on your schedule. Post-settlement fee advances also have better terms than pre-settlement funding since the case is already finished. However, if the other party refuses to pay at all, this kind of funding is also non-recourse.
For those working as public defenders the state is supposed to pay for their legal fees. However, sometimes there isn’t enough money in the state budget, so they receive vouchers instead that can be traded in for cash when there’s more money.
Why wait for the state? Instead, we can purchase a portion of your expected fee and pay you up-front. Then, when the note comes due, we can go to the state and get repaid directly. It’s quite similar to our post-settlement fee advance options.
Lines of Credit
This is a more traditional form of law firm funding. It is not an advance, but a line of credit like a bank offers. The amount of credit you can get depends on your case inventory. Your inventory serves as collateral for the line of credit.
This means that as your firm grows, you’ll have access to more capital. Our flexible repayment plans and low interest rates will help you bring on more staff, improve your marketing, raise your caseload, and more.
Why We’re Superior to a Bank
Banks are the traditional route to getting money for a business, but lawyers and other professional organizations can face obstacles. If you’re a new lawyer on your own, you may not have the collateral you need to get a secured loan.
Also, since the firm might be tied directly to your name, your own credit might be affected if you are unable to pay in a timely manner. Since most banks require monthly repayments, this can make a traditional bank loan quite risky even if you are approved.
Contact Silver Dollar Financial Today to Apply for Free
We understand these challenges, and that’s why our law firm financing options are built for the needs of attorneys like you. To learn more about these options, contact Silver Dollar Financial by phone or through our website.