Injury Funds Now
Lawsuit Funding - Fee Structures Compared
Various lawsuit funding companies use different fee structures. The common factor among all fee structures is that they are all non-recourse, meaning fees are only incurred upon a successful recovery.
Most lawsuit funding companies will offer a monthly fee structure. Monthly fee structures will vary between 2.9%/ month and 15%/ month of the amount advanced. Most companies do compound their fees monthly.
Only very few funding companies will offer a flat fee structure. Flat fee structures charge a percentage of the total recovery, however many times this is capped at a certain dollar amount. Flat fee structures are designed to alleviate risk of a case dragging on for a very long time.
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Lawsuit Funding - Types of Injuries
Lawsuit funding may be available to you if you have been seriously injured in an accident and are represented by an attorney. Only very serious injuries generally qualify for lawsuit funding. Some examples of injuries eligible for lawsuit funding are:
- Amputation
- Death
- Fractures
- Herniated Disks
- Loss of Vision
- Paralysis
- RSD
- Significant Scarring
- Surgery
- Any other very serious injuries
Lawsuit Funding - Types of Cases
Category: Pre-Settlement FAQs for Plaintiffs
Lawsuit funding may be available to you for many different types of cases. Typically, the following types of cases are eligible:
- Airplane Accidents
- Appeals
- Assaults
- Automobile Accidents
- Boating Accidents
- Burn Injuries
- Construction Accidents
- Dog Bites
- Maritime/Seaman's Claims (Jones Act)
- Medical Malpractice
- Motorcycle & Bicycle Accidents
- Nursing Home Neglect
- Premises Liability (Slip & Fall)
- Product Liability
- Railroad Claims (FELA)
- Wrongful Death
Lawsuit Loans - How they can help you
Category: Pre-Settlement FAQs for Plaintiffs
Lawsuit loans are not actually loans, rather they are a form of non-recourse funding. Non-recourse funding is a source of funds or cash, that does not necessarily have to be repaid. A lawsuit loan, or pre settlement advance, is based soley on the merits of your lawsuit or case. If the case is lost, the funds do not have to be repaid, making the advance non-recourse.
The lawsuit funding company takes on significant risk by offering such a service. If and when your lawsuit does make a successful recovery, the pre settlement advance is repaid out of the recovery, including the previously agreed upon fee.
Asbestos Case Funding
Category: Types of Cases
Recently we have been receiving an abundance of requests for lawsuit funding on asbestos cases. While Injury Funds Now does not fund asbestos cases, other companies may, but they are playing a risky game here. Just because a Plaintiff may have won their case, does not necessarily mean they will ever see a penny. There's collectibility to look at.
Basically what's happened is that there is not enough money to pay out on all the asbestos cases, which is why clients are still waiting for their recoveries. The funds is running out of money, and cases will be paid out prorata(meaning payments to Plaintiff's will be made on a proportional basis out of what is left). So depending on how much is left to pay out, everyone's recoveries will be reduced on a percentage.
Hedge Funds Investing in Lawsuit Funding companies
Hedge funds are putting up money for lawsuit funding companies, according to the news article in the NY Times today.
Lawsuit funding companies get funding from many different sources. Some are backed by major banks, other by venture capital, and some apparently by hedge funds.
Injury Funds Now is backed by private investors. When applying for lawsuit funding, you should make sure that the funding company has the money in place to send your advance out right away and also has funds in place for future advances. There are many brokers out there that market themselves as a funding company, and they don't have any source of funds, other than going out to major funding companies and trying to broker the cases out.
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Attorney Funding - on Law.com
Category: Lawsuit Funding News
Law.com had an article covering attorney funding or Plaintiff case funding yesterday. This article discusses the service of funding the personal injury attorney for case expenses such as hiring experts, discovery and taking a case to trial. Attorney case funding is done in one of two ways: either an advance is made on a single case (similar to plaintiff funding) and potential fees are charged out of the attorney's fees, or a portfolio of cases in invested into which is similar to a line of credit from a bank. Most attorney funding companies will offer either one or the other, but not both.
The article is very heated as far as the advantages and disadvantages of attorney funding. One side citing extraordinarily high fees but the other countering with the benefits of the service, such as being able to see the case through with the best experts and staying power which is intended to obtain the highest possible recovery.
Injury advance helps devastated mother in more ways than one
Category: Success Stories
Unfortunately many of our "Success Stories" are the result of completely horrifying accidents. This one is no different. No one ever wants to know the pain of losing a child, but for one mother in Florida, the pain was only too real. Because of carelessness in electrical work, a young boy was electrocuted to death leaving a mother childless.
Pre settlement wise, Injury Funds Now was able to advance just over $40,000 to the mother, which was given in small advances on an as needed basis, until the case ultimately settled for several million dollars. But besides the financial stability that Injury Funds Now brought to the table, we were also able to bring some much needed emotional relief as well.
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$50,000 pre settlement advance results in a recovery that is $750,000 higher than initial offer
Category: Success Stories
A couple of months ago we had a really wonderful result. Sad story, a Florida family (mother and her 2 sons) lost their father due to poor medical care. The father was the breadwinner in the family, and his passing came as a total surprise. He went into the hospital for a fairly routine procedure, was relatively young, yet never made it out.
His wife and children were left to fend for themselves, but luckily they came upon an extremely capabale personal injury attorney to handle their medical malpractice lawsuit. They filed suit against the doctor and hospital for wrongful death. After some time, a $250,000 offer was finally made. They really needed the money to survive so wanted to take it, but knew they could get a much higher recovery if only they had the financial means to wait it out.
Florida Bar Opinion on Non-Recourse Funding
Category: Legal & Ethics
Below you will find the Florida Bar's Opinion regarding non-recourse funding. As we operate out of Florida we have provided you with this ruling, but every state has its own rules. If you are interested in the ruling on advance funding from another state, fill out the contact form in the upper right hand side of the screen and we will be happy to send it to you. Or subscribe via RSS feed for this blog as we are going to be posting other state's rulings soon.
Professional Ethics Of The Florida Bar
Opinion 00-3
March 15, 2002
An attorney may provide a client with information about companies that offer nonrecourse advance funding and other financial assistance in exchange for an interest in the proceeds of the client's case if it is in the client's interests. The attorney may provide factual information about the case to the funding company with the informed consent of the client. Although the attorney may honor the client's valid written assignment of a portion of the recovery to the funding company, the attorney may not issue a letter of protection to the funding company.
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Lawsuit Funding Application Process
Category: Pre-Settlement FAQs for Plaintiffs
Application processes vary by company, but the procedure from Injury Funds Now is designed to be as simple and quick as possible for both Plaintiff's or their lawyers. The quickest way to contact a Funding Specialist is to fill out the contact form located at the top right of this screen. A Funding Specialist will usually get back to you the very same day.
Here's a breakdown of what happens when you apply for a pre settlement advance:
1) Lawsuit Funding Application
Fill out our short online application for fastest lawsuit funding service, or contact the funding company directly by phone. If you fill out the application on the Injury Funds Now web site, make sure you tell your Funding Specialist that you heard about the service from the USA Law Blog (you may be eligible for special rate structures).
Attorney's Involvement with Settlement Advances
Category: Pre-Settlement FAQs for Plaintiffs
We often are often contacted by injury victims for a pre settlment advance on their case, yet the client has not yet hired an attorney. In order to receive an advance from Injury Funds Now or most any lawsuit funding company, the applicant must be represented by a lawyer.
The reasons are two-fold:
1) If a personal injury attorney hasn't taken the case, then there probably isn't a case there to begin with. Unless the accident just happened and the client contacts a funding company before contacting a lawyer, but that is doubtful. If you're hurt due to someone else's negligence, most people would hire a lawyer before anything else.
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Are Priest Abuse Cases Worth Funding?
Category: Lawsuit Funding News
Joe Saunders has a great post about a a catholic church sex abuse scandal involving a Vatican official.
IFN has been asked to review applications for Pre-Settlement Funding on several priest abuse cases and we've been reluctant on these because the statute of limitations has often passed by the time the victims come forward.
About the Editor
Lauren Lipcon has pioneered the lawsuit funding industry in Florida. Before heading up Injury Funds Now as their Program Director, Ms. Lipcon was the Vice President of another lawsuit funding company in Florida, giving her nearly 5 years of experience in what can still be called a budding industry.
Ms. Lipcon has a diverse educational background, steming from a Bachelors Degree in Marketing from Tulane University in New Orleans. After receiving her Bachelors in 2001, Ms. Lipcon went on to pursue 3 Masters Degrees from the University of Miami including an M.B.A., a Masters in Computer Information Systems and a third in Telecommunications Management. With this diverse mix of technology and business skills, she went on to consult with Arthur Andersen in their digital marketplaces division.
About Injury Funds Now
Injury Funds Now, LLC is a Florida based lawsuit investment company. Our team has been investing in cases nationwide for almost 5 years. Being based out of Florida, we are proud members of the Academy of Florida Trial Lawyers (AFTL), Business Friends of EAGLE, the Dade County Trial Lawyers Association (DCTLA) among others. We are actively involved with these organizations sharing the same ultimate goal of protecting the safety of Florida's families.
March 02, 2005
By Staff Writer
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