Settlement Funding for Legal Malpractice Cases
Fair Rate Funding helps clients obtain legal malpractice lawsuit loans. We offer cash advances on your legal malpractice (legal mal) case.
Legal Malpractice Basics
Lawyers are trained professionals and licensed by the state in which they conduct business. Although the skills, experience and expertise of each attorney may differ, attorneys should be competent to provide legal services to their clients.
When a lawyer is not competent and makes an egregious error resulting in a lost case or the loss of another legal right; a legal malpractice claim may be the client’s only available option to recoup damages.
Like Medical Malpractice lawsuits, causes of action for legal negligence are complex. The plaintiff must prove the attorney breached the standard for services, but also the negligence caused monetary or other damages.
For example, you have a case involving personal injury and your attorney fails to file suit within the time allowed (Statute of Limitations) in that jurisdiction. This is commonly referred to as “blowing the statute”. In order for the plaintiff to be successful in their legal malpractice claim, they must show that they would have been successful in their original claim had the malpractice not occurred.
Proving the underlying case is easier if the case involved a rear end motor vehicle accident with substantial injury and hefty insurance coverage.
Contrast this with a legal malpractice case against an attorney who was negligent in his pursuing of a medical malpractice action. In that case, the plaintiff must prove malpractice on both the lawyer AND the doctor. For these reasons, legal malpractice cases are challenging.
What Are Some Common Types of Legal Malpractice?
Below are some types of legal malpractice which can often result in a legal mal lawsuit:
- Breach of Fiduciary Duty
- Fraud and/or Misappropriation of Funds
- Theft by Conversion
- Negligent Document Drafting/Submission
- Blowing the Statute of Limitations
- Incorrect Bankruptcy Advice
- And others
What Types of Additional Challenges Face Legal Malpractice Plaintiffs?
These types of cases most often enter into the long drawn out litigation process because of their complexity. It is common that multiple experts are examined along with extensive discovery and motion practice.
Because legal malpractice cases can be complex, plaintiffs sometimes find themselves in financial difficulty before the lawsuit can make them whole again. Especially in a legal malpractice case involving personal injury, plaintiff sometimes cannot work as before the accident.
The bills still need to be paid and many litigants are forced to accept “low-ball” settlement offers just to ease the financial strain.
If this situation sounds familiar, you might want to consider the use of a legal malpractice lawsuit loan to bridge the gap between filing the case and settlement.
What is a Legal Malpractice Lawsuit Loan?
A legal malpractice loan is a type of specialty financing transaction. The deal is between a plaintiff and a lawsuit “lender”. The lender advances money on the pending malpractice claim and in return, the plaintiff pledges a portion of the future proceeds of the settlement.
How Does a Lawsuit Loan Help?
A lawsuit loan allows plaintiffs to pay their bills while they allow their attorney(s) pursue the case. Litigation is hard and it takes time. Lawsuit loans allow plaintiffs to refuse lower settlement offers and wait out the legal process.
What is the Difference between a Lawsuit Loan and a Regular Loan?
Although these transactions are called lawsuit loans, lawsuit loans are different than traditional loans. A traditional loan implies repayment under all circumstances. A lawsuit loan for legal malpractice and other cases, is only repaid if the case is successful. Because of this fact, legal funding loans are deemed “non-recourse” funding. This means the sole method of repayment must be the lawsuit itself. It also means the funding company has “no recourse” against the plaintiff personally for repayment if the case is unsuccessful.
What Does a Legal Malpractice Lawsuit Loan Cost?
The cost for a legal malpractice loan can vary from one lawsuit funding company to another. Many companies shy away from stating their lawsuit loan rates on their websites. Generally, these rates average about 3% per month, non-compounding for each 6 month period that elapses between funding and settlement.
If You Have Any Questions, Call 888-964-2224
How Can I Apply and How Long Does it Take?
To begin the “funding process” simply click the Apply Now button at the bottom of this page or you can visit our submission form. Someone will contact you and we can get the process going.
From there we will contact your attorney and gather up some important information. One of our lawsuit loan underwriters will contact your attorney and discuss the case. Once approved, we send you a contract to sign. You return it and we’ll send you the money. Easy as that.
Why Should I Choose Fair Rate Funding?
Fair Rate Funding offers the lowest rates in settlement funding for legal malpractice cases since 2007.
We specialize in providing the lowest rates for settlement funding in legal malpractice cases. Fair Rate Funding provides the lowest rates for lawsuit funding now against the proceeds of your case. If you are not successful in your case, the advance does not need to be repaid. We take the risk and you can focus on more important things.
Give Us a Call – Risk Free!
We know you have a choice of lawsuit settlement funding companies and are happy to assist you in your time of need.
If you have any questions, give us a call TOLL FREE at 888-964-2224. We are here to help!
We provide settlement funding for legal malpractice lawsuits for the following states: Alabama, Alaska, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming and the District of Columbia.
Thank you for choosing Fair Rate Funding for legal malpractice lawsuit loans.