Attorney Funding Loans Helping Small Firms Manage Cash Flow And Hold Onto Larger Cases

- Legal-Bay's attorney loan program differs from a bank line of credit, where small firms are able to use their case load as collateral.

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Legal-Bay LLC

Aug 06, 2013, 05:00 ET

NEW YORK, Aug. 6, 2013 /PRNewswire/ -- Legal-Bay LLC, The Lawsuit Settlement Funding Company, had a record 2^nd quarter funding attorneys and law firms in need of capital to assist with case cost funding, expert witnesses, cash flow for payroll, marketing expenses, and general working capital. Legal-Bay has been working especially hard funding CPA and Law Firms who are tied into the B.P. Oil Spill litigation. However, as the word has spread about Legal-Bay's funding program for small firms, Legal-Bay has seen a spike across the board on all attorney funding deals nationwide.

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"We were pleased to jump into the B.P. litigation since many of the CPA and Law firms in the gulf have expanded so much cash flow to date and need assistance funding their operations until April 2014 when the B.P. economic claims statute of limitations runs out", said Chris Janish, Head of Legal-Bay's attorney loan division. "However, from B.P. we were able to get referrals and calls from lawyers who needed credit lines not connected to B.P., and we were happy to assist them as well, making this quarter our best on record for attorney funding transactions", added Mr. Janish.

Legal-Bay's program is different than a traditional bank underwriting process. Instead of collateralizing the attorney advance with hard assets, Legal-Bay is able to utilize the law firm's true assets - and that is their case load. Moreover, many of Legal-Bay's lawyer have already exhausted their existing credit lines or could have sub-par credit, and that does not automatically disqualify them from being approved with Legal-Bay. Legal-Bay's has a free case evaluation and underwriting period which typically takes just 48 hours to obtain a pre-approval; from there a longer due diligence process entails and the firm can typically be funded in 5 business days from there. The entire attorney funding process should take no more than 7-10 business days from start to finish.

If you are a law firm in need of cash advance from either settled cases or capital to prosecute cases, feel free to apply directly to Legal-Bay at: http://lawsuitssettlementfunding.com or you can call toll free at: 877.571.0405 to speak to a live agent.