Our Services: Non-Recourse Legal Funding
Non-Recourse lawsuit funding is not a loan but merely an advance against the future proceeds of your lawsuit. A client seeking an advance will notify their Attorney of the need to borrow against their future proceeds once all other means of borrowing have been exhausted. In order to approve funding, Legal Assistance Funding has a team of underwriters who determine the value of a case based on information provided by the Plaintiff’s Attorney. Underwriting requires documentation proving the Plaintiff has sustained serious injuries and/or damages or losses, the Defendant's verified insurance coverage with clearly defined liability, and that the Plaintiff has retained legal counsel to prosecute or settle such claims. Examples of the materials requested to underwrite these advances are the filed lawsuit or demand letter, accident reports, medical reports, expert reports, pictures of the injury or site, insurance information including company name and policy limits, the current state of litigation from the Attorney, and any other pertinent documentation required to approve an advance. Once all documentation has been verified, and underwriting has granted approval, Legal Assistance Funding will then advance funds up to 15% of our estimated value of the pending lawsuit with a minimum of $500 and a maximum of $100,000. (Requests for more than $100,000 are considered on a case-by-case basis) To ensure repayment of LAF’s advance, our legal counsel will prepare a “Funding Agreement” which will be executed by both the Plaintiff and their Attorney. This agreement places an assignment and security lien on the future proceeds of the lawsuit that the Plaintiff’s Attorney will acknowledge and satisfy through settlement, trial, or any other means. Additionally, this agreement will illustrate the repayment terms and conditions by which the Plaintiff and Attorney agree to abide. In most instances, once all the documentation has been properly executed, an advance can occur within 24 hours with the cooperation of all parties involved. Any funding by Legal Assistance Funding is considered Non-Recourse, meaning if you lose your case, you owe Legal Assistance Funding nothing. Additionally, there are no payments due while your case is in progress. The only time you are responsible for satisfying your advance with Legal Assistance Funding is either when you receive a settlement or win your case.