It’s not just your lawyer; they’re all busy people. Frankly, your lawyer would likely rather be working on cases than dealing with lawsuit funding companies’ information requests.
But, thankfully, most understand the need for funding. They’ve seen hundreds or thousands of plaintiffs struggle with finances during their lawsuit.
Nevertheless, its important to stay on their good side. Here’s a few quick tips to help you save your attorney’s time for when it counts.
1. Figure Out How Much Lawsuit Funding You Need
If you don’t already have one, its time to create a budget. Look at what you’ve spent in the past couple months, and look at what you’re bringing in. If you’ve never done this before, our guide to plaintiff finances can help you here.
Tell your law office that you’d like their best guess on how long the case might take, because your budgeting for legal funding. Once you have an idea of how much money you’ll need to get you through your lawsuit, its time to look for lawsuit funding companies.
2. Ask Your Law Office for a Lawsuit Funding Recommendation
Tell your contact person (paralegal, legal assistant or attorney) that you are looking for legal funding, and ask them if they know of any funding companies with good rates. Ask if they can send you an old contract to see rates and fees.
3. Look For Lawsuit Funding Companies Online
While good reviews are nice, its important to call and get some information. Look for a few lawsuit funding companies to call.
Once you have a list of 5-10, call each. Ask about rates, fees and an example of how these impact a sum of $1,000 over the next year.
“I’m comparing rates and fees with other companies: what’s the maximum you charge for each on my case type in my state?”
Write down what each lawsuit funding company tells you for each, and keep track clearly of which is which.
If any of the funding companies can’t answer that question, immediately cross them off the list. Some companies will insist on a range. That’s ok, but make them give you a range on total fees as well. Write down the highest numbers in the range as your answers.
4. Narrow The List of Funding Companies Down
Once you have this info, choose one funding company from online, and the one your attorney recommended.
Tell your attorney that you’ve applied with the one they like and only one other lawsuit funding company. Ask that they just send whatever they’ve sent to one to the other — this really isn’t much extra work once they’ve already compiled everything.
If both lawsuit funding companies approve your case, look at the one year and two year paybacks. Go with the one with a lower payoff.
If you don’t get approved with either of the lawsuit funding companies, tell your attorney you were denied from both and ask if they mind sending information to two more from your list.
This saves your attorney the hassle of going through several legal funding requests at one time, allows you to compare and contrast offers, and makes sure that you get a decent rate.
5. Choose A Lawsuit Funding Company
All lawsuit funding companies are basically the same. They’re giving you money, not a product or service. The only real differentiation are the rates and fees they charge.
Choose the lawsuit funding company that will save you money. You’ll thank yourself when your case settles, and you end up with a bigger check.
Uplift Legal Funding’s Meet-or-Beat Promise
Uplift will meet or beat any lawsuit funding company’s contract terms. We like funding cases, that’s why we’re here — and we want to root for your case to win, too. Apply online or call us today at (800) 385-3660.