The legal system can be a confusing myriad of paperwork, trials, lawyers, judges, and juries. The distinction between civil and criminal cases can be even more confusing to people who haven’t dealt with the system on a firsthand basis. If someone violates a criminal law, they are liable for fines and, potentially, time in jail. If a person violates a civil law, they are liable for the injury or damage they caused. However, this is typically resolved through the granting of “monetary compensation,” otherwise known as a cash settlement, to the injured or damaged party.
How Is Lawsuit Funding Granted?
The only way for lawsuit funding to be transferred from one party to another is through a lawsuit. After the harm is done, and if the parties cannot agree upon the assignment of fault, they may carry the case further into the legal system. There are multiple routes by which they can go, with the most common being a “negotiated settlement.” Here, the parties can attempt to reach a settlement, which is done through the use of careful mediation. If this process succeeds, that means both parties have settled upon a due amount of lawsuit funding.
If that route fails, the case continues on, and it will be decided by either a judge or jury. The judge or jury will hear the case, then decide how much lawsuit money should be granted. It can be either granted in a single lump sum payment to the trust fund of the victorious attorney, or it can be set up in what’s called a “structured settlement.” Structured settlements function by distributing a certain, pre-set amount of money to the victorious party over a specified time.The lawsuit funding that is garnered from the end of the case settles the claim, and the process is completed.
The final amount of lawsuit funding awarded varies from case to case. It can be as low as zero dollars, if the liability can’t be established or the damages aren’t proven. On the other end, it can be as high as hundreds of millions of dollars, as in the case of tobacco or oil spill settlements. The final amount of lawsuit funding is completely dependent on how much damage has been done, how many plaintiffs there are, and whether or not the mediator, judge, or jury can agree or reasonably determine a final amount.
Lawsuit funding is a mechanism through which a litigant can finance their litigation costs by entering into an agreement with a third party funding company. Third party funders are companies who treat litigation as an investment; in exchange for agreeing to finance some or all of a plaintiffs litigation expenses, the funder will charge the client a fee (sometimes an agreed percentage of proceeds recovered by the client in the litigation or pursuant to a fee schedule). This fee is normally referred to as a contingency fee. Typically, if the litigant loses the case, the funder receives nothing and loses the money they have invested in the case, whereas if the litigant wins the case, the funder expects to be paid its share of the “award.”
How Long Does It Take To Get Lawsuit Funding?
Depending on the nature of the case, the behavior of the attorneys, the seriousness of the injury, and the quickness of the assignment of fault, cases that result in the disbursement of lawsuit funding can take anywhere from a couple of weeks to several years or more. The timeliness of the settlement of the claim is entirely dependent on each individual case’s set of circumstances.
In order to alleviate this time burden on plaintiffs, there are firms that specialize in providing monetary advances to plaintiffs, based on the estimated settlement amount. This is essential for some plaintiffs in need, as they may not have the funds to wait weeks to years for the establishment of the actual settlement.
If you are in need of money while waiting for your lawsuit to settle, you should not hesitate to contact the experts at Delancey Street. Our team of professionals works in the field of legal funding, and we extend aid to Plaintiffs in need who are strapped for cash while waiting for their legal claims to be settled and paid.
Lawsuit funding is usually obtained through funding companies who specialize in legal financial services. Lawsuit funding is often based on the strength of the lawsuit at hand, and many companies don’t even perform credit checks. The process usually starts out with a lawsuit funding application, a review of the lawsuit, and a brief interview with the attorney involved. Next, contract documents are executed and finally, funds are issued to the plaintiff. Most funding companies strive to streamline the funding process, which makes it faster and easier for plaintiffs to receive the necessary funds. While the process usually seems simple, it is highly advisable – just like with any financial contract – for plaintiffs to discuss the funding agreement, thoroughly, with his or her attorney prior to signing. Additionally, plaintiffs should pay close attention to the terms, fees, and percentages that must be met upon the signing of the agreement.
Delancey Street is a Leader in Lawsuit Funding
Delancey Street is a leading provider of innovative non-recourse funding solutions for plaintiffs and attorneys who have pending lawsuits and pressing financial needs. For attorneys, our capital enables you to invest in your cases, expand your case load or even pay everyday operating expenses.
Delancey Street’s programs provide plaintiffs and litigation attorneys with financing by advancing money against the future proceeds of lawsuits. Delancey Street minimizes financial pressures on plaintiffs until a fair settlement can be reached. For plaintiffs, Delancey Street provides non-recourse cash advances on pending lawsuits. Delancey Street works with attorneys to create a financial package that meets their law firm’s cash flow needs, whether in the form of full-recourse loans, or line-of-credit facilities.
What types of lawsuits are applicable for lawsuit funding?
Funding companies will advance money to plaintiffs for most types of lawsuits. Basically, if a plaintiff’s lawsuit stands to receive money, most assuredly, there is a funding company, somewhere, that will advance money against it.
Delancey Street provides lawsuit funding for the following lawsuit types, on a case by case basis:
Personal Injury Cases, including:
- Asbestos Lawsuit Funding
- Assault Lawsuit Funding
- Aviation Accidents Lawsuit Funding
- Car Accident Lawsuit Funding
- Motorcycle Accident Lawsuit Funding
- Back Wages Lawsuit Funding
- Burn Injury Lawsuit Funding
- Ceiling Collapse Lawsuit Funding
- Negligence Lawsuit Funding
- Jones Act/FELA Lawsuit Funding
- Labor Law Lawsuit Funding
- Medical Malpractice Lawsuit Funding
- Nursing Home Abuse Lawsuit Funding
- Commercial Litigation Funding
- Sexual Harassment Lawsuit Funding
- Product Liability Lawsuit Funding
- Premises Liability Lawsuit Funding
- Police Brutality Lawsuit Funding
- NY Labor Law 241 (1) Lawsuit Funding
- NY Labor Law 241 (6) Lawsuit Funding
- Slip and Fall Lawsuit Funding
- Whistleblower/Qui Tam Lawsuits
- Wrongful Death Lawsuits
- Wrongful Imprisonment Lawsuits
- Wrongful Termination Lawsuits
Pharmaceutical Cases, including:
- Fen Phen
- Ortho Evra
Did We Miss Your Lawsuit Type? No Worries.
If you didn’t see your lawsuit type listed, that doesn’t necessarily mean we don’t fund your type of lawsuit, or that your lawsuit doesn’t stand to receive money. If you don’t see your case, and want to apply for lawsuit funding, call us (800) 790-9992. We add new lawsuit types regularly.
How Are Attorney Loans Different From Lawsuit Funding?
Attorney loans are not to be confused with lawsuit funding. Attorney loans are directed at helping the attorney or law firm handle the general operating expenses and specific case or trial costs . Lawsuit funding is an advance issued to a plaintiff contingent upon the eventual receipt of a settlement at the end of their case.Lawsuit funding helps plaintiffs manage their day to day life expenses, whereas attorney loans go towards paying the extensive costs of completing a lawsuit.
How can Delancey Street help me or my attorney?
We help level the playing field by providing lawsuit funding for you or your attorney to compete effectively against insurance companies, large corporations,and other deep-pocketed defendants.
How is Delancey Street different for Plaintiffs?
Non-recourse funding is different than a lawsuit loan. Unlike loans, advances don’t require you to put up collateral; you don’t need good credit; and if you lose your case, you pay nothing and owe us nothing! We give you money based only on the strength of your lawsuit, because our lawsuit funding is repaid only if you win money from your case. While your case is pending, you do not owe any installment or interest payments. You pay nothing until your lawsuit resolves.