Financing For Lawyers
Compared to most business models, running a contingent-fee legal practice is an expensive, risky, high-stakes endeavor.
Law firms face most of the normal challenges that other businesses struggle with; attracting and retaining the best talent, marketing, websites and social media presences, payroll, overhead, competition, attracting and retaining a steady pipeline of clients, taxes, regulatory compliance, fluctuating cash flow, etc.
A requirement of contingent-fee attorneys that is different from nearly all other businesses however, is that they must pour thousands – and sometimes tens of thousands – of dollars worth of manpower and payroll, investigations, depositions, travel expenses, litigation support services, expert witnesses, economic impact reports and much more into nearly every single case they take on.
Then they must wait patiently for years until each case either settles or goes to trial and the defendant’s insurance company finally hands over payment. This is an ongoing process that never ends so financing for lawyers is a specialized type of funding specific to this very particular type of business model.
The Problem With Most Attorney Loans
The ‘Achilles Heel’ of many legal practices is that they rely heavily on cash reserves or the availability of what conventional banks consider “law firm funding”, “lawyer loans” or “attorney loans” for their working capital and then experience rolling periods of “feast or famine”.
Tapping a firm’s cash reserves can be risky and the problem with most banks is that they are reluctant to accept the latent value of a law firm’s single largest asset – it’s case load of contingent attorney fees – as collateral. Instead, most banks require stellar credit, a personal guarantee and the unencumbered personal assets of the firm’s owners or partners – including hard collateral such as their personal residences and other real estate assets.
It just doesn’t get much riskier than that and for many lawyers, it simply isn’t an option.
Fast, Easy Attorney Loans
Maintaining a war-chest brimming with steady cash flow and fresh working capital is critical to the long-term success of every legal practice because it is the lifeblood of every law firm. Fortunately Lawsuit Loan HQ offers a simple, powerful solution to help keep your firm’s lifeblood flowing strong.
Most likely you have cases that have settled but you are waiting the obligatory weeks or months until the defendant’s insurance company actually puts your check in the mail. If this describes your situation and you need your money now, attorney fee acceleration could be the ideal solution.
Fee acceleration is fast and easy. You will receive cash now in exchange for a portion of your earned fees and repayment is made once the defendant’s check arrives. There are no restrictions on funds usage so you are free to use the money however you choose.
LLHQ can advance any amount up to 50% of your net earned fees and in most cases we can have funds deposited in your account within about 2 business days. The minimum funding amount is $5,000, which means you must be owed at least $10,000 in net earned fees. This powerful option is fast and affordable and will allow you to leverage the power of your earned fees to provide the working capital you and your law firm need now.
Financing For Lawyers Is Available Now
Our attorney financing is one of the smartest, safest and most cost-effective ways for lawyers to get the money they need by leveraging their largest, most readily available and most renewable asset: their earned legal fees.
So what are you waiting for?