More attorneys and law firms are realizing the many benefits of law firm funding, and the service is becoming more common across the globe. This demand has resulted in an influx of funding providers to the market, but the offerings and abilities of these companies vary. Attorneys considering law firm funding solutions must choose the right law firm funding partner to ensure a solid financial foundation for their firms.
A variety of factors should be considered when evaluating law firm funding solutions and the companies that provide these offerings. No single company is likely to be the best fit for every situation. Law firms and attorneys can find the best match for their funding needs by assessing three areas: the funding company, the team of professionals with whom the firm will be working, and the terms and agreements offered.
Law firms and attorneys should begin by identifying reputable, reliable funding partners. Referrals from other trusted lawyers and firms are a good place to start. Researching companies’ track records, client experiences, and public registrations or filings can provide valuable insights into the company’s culture and character, as can news articles and company videos.
The next step is to identify the funding partners that can best meet your specific needs. Funders often focus on specific areas of the law, and a company with expertise in your specific field will be better able to accurately assess and support your case or cases. The amount of funding you are seeking is also relevant, as some funding companies offer financing in specific ranges.
It is important to get to know the people with whom you will interact over the course of a funding agreement.
Your law firm funding team should offer professionals with experience in both law and finance. Again, experience in your practice areas is helpful for proper case valuation.
A strong, trusting relationship between the funder and the law firm is essential to the success of the funding arrangement, as well. For this reason, it is important that you feel confident in the team you choose.
Law firms and attorneys who seek law firm funding solutions should carefully assess the terms of any potential funding agreements. For example, requiring settlement at a certain monetary level may render a funding agreement less beneficial or attractive to some law firms.
The structure of the agreement should match your funding needs and goals. For example, if funds will be needed quickly, the timeline for the funding agreement must be carefully reviewed to ensure timeliness in underwriting, processing the request for funding, and initiating payment.
Pravati Capital is a leader in the field of law firm funding. We offer flexible, reliable terms and agreements that are underwritten and administered by professionals with years of experience in law and finance. Contact us today by calling 844-772-8284 or completing our online contact form to find out if Pravati if we are the right law firm funding partner for you.
