Pre-Settlement Funding for Premises Liability Cases: What You Need to Know
When premises liability cases hit civil courts, attorneys and their clients can become locked in a long-term battle of calculating financial losses and accountability. With legal fees, medical bills, and ongoing costs associated with personal injury cases, it’s no surprise that plaintiff’s may require additional funding or advocacy to transition from post-injury financial burden to victorious compensation.
Pre-settlement funding for premises liability cases is a critical component of this process that allows victims to secure a steady source of financial capital while they pursue court proceedings. Here, we explain why pre-settlement funding is necessary, who qualifies, and a few of the important things to consider when seeking these financial services.
What is Pre-Settlement Funding?
Pre-settlement funding is a type of litigation finance that supports claimants in legal proceedings. It is mainly used to cover the cost of recovery, medical bills, and support services while cases are still in the courtroom. Pre-settlement funding must be returned if the claimant loses the case, but if they secure a victory, the expenses are factored into the category of debt alongside the plaintiff’s legal fees.
Not to be confused with traditional loans, pre-settlement funding is a non-recourse loan which means that if a plaintiff loses their case, the loan does not need to be paid back.
When is Pre-Settlement Funding Necessary?
Pre-settlement funding can be a helpful aid for those involved in premises liability cases where legal proceedings often take years to resolve, leaving many injured victims with an unfair burden of financial hardship. Should the plaintiff secure a settlement, pre-settlement funding companies are typically scheduled to receive payments as part of the settlement allocation.
Who Qualifies for Pre-Settlement Funding?
Both plaintiffs and their attorneys can qualify for pre-settlement funding services, as long as they have a viable case and access to the appropriate legal representation. Eligibility requirements can differ depending on the pre-settlement funding provider, but the basis of qualification typically includes three main criteria:
The type of case – plaintiffs pursuing bodily injury or disability cases are most commonly eligible
The likelihood of the case to be successful in court
The estimated size of the settlement awarded
What to Look for in a Pre-Settlement Funding Provider?
When evaluating a pre-settlement funding service, there are four key things to consider:
Licensing & Accreditation: Check with the insurance department or State Attorneys General Office in your jurisdiction to ensure that the pre-settlement funding company is properly licensed and accredited for the services they offer.
Fees & Interest Rates: Evaluate the fees, interest rates, and other payment requirements associated with the pre-settlement funding agreement.
Litigation Services: Ensure that the pre-settlement funding provider offers additional support services, such as legal advice and representation.
Reputation: Misspelling of words, incomplete sentences, and incorrect grammar can be an indication that the pre-settlement funding provider is not legitimate. Also, check with your local legal registry to review any consumer complaints that may have been filed against them.
How Does Pre-Settlement Funding Benefit Premises Liability Cases?
For premises liability cases that take more than one year to litigate, pre-settlement funding can provide a much-needed lifeline to those faced with increasingly mounting medical bills and legal fees. These services are typically short-term, but they can make all the difference in stabilizing financial boundaries during long-term court decisions.
In addition to purchasing time in the courtroom, pre-settlement funding can also provide additional legroom for attorneys to negotiate higher settlements on their client’s behalf as pre-settlement funds provide immediate financial relief without resorting to costly court fees.
Conclusion
For anyone involved in premises liability cases, pre-settlement funding services should be carefully considered. The right provider can make all the difference when it comes to handling the immediate financial stress caused by injury and affording the necessary period of recovery while still fighting for a successful legal outcome.
When researching pre-settlement funding options, be sure to check licensing and accreditation, payment requirements and interest rates, litigation services, and the provider’s overall reputation. Pre-settlement funding is designed to offer financial relief for those in the midst of a long-term legal battle, and for those in need of extra help to pursue justice and vindication.
