Few events have changed our daily lives as significantly as the spread of Covid-19 has. In a matter of days, we went from routinely going out with friends, having parties and other social gatherings, and daily trips to the grocery store to a world filled with delayed weddings, masked and gloved shopping, and curbside pickup from our favorite restaurants. Worst of all, none of us has any idea when and if things will ever get back to pre-Covid-19 normal.
For all of us, both on a personal and professional level, the key to thriving during now and through the uncertain future is the ability and willingness to adapt to a swiftly changing set of circumstances. To respond to restrictions and upheaval in a way that allows business not to just continue, but to grow.
Today, we want to share with you some of the ways Pravati is adapting to the changes ushered in by the pandemic and how we’re watching the industry so we can better serve your need to grow your law firm or company in the weeks, months and years to come. But first, let’s take a look at some of the issues facing you and your clients.
Let’s talk about the elephant in the room first: rulings are being delayed as federal and state courts close and delay trials. And now, with the Supreme Court using live audio feeds to facilitate case hearings by teleconference, we have to wonder how this is going to change our processes henceforth.
Another change to our current landscape is the imminent threat of countless new Covid-19- related cases. While we’re sure to see more, there are currently suits being filed against cruise ship lines, against vaccine developers, and against companies that promise Covid-19 defying products that fail to achieve what’s promised.
Then, of course, there are the firms in the middle of M&A deals that aren’t just on hold, but are endangered as more and more companies fight to stay open during a time of lockdowns and quarantines. All of this doesn’t even begin to touch on the companies dealing with denied insurance claims and other issues that will eventually need to be fought in court.
These delays, new cases and potential process changes all result in a need for capital for law firms and other businesses. Yet, with every industry facing slow-downs and losses, that capital is hard to find. And while banks are seeing six times as many requests for credit line increases today than they did last year, traditional bank lending isn’t a viable option for every firm or company that needs funding. Which leaves many looking for alternatives such as litigation financing. But where does our industry stand right now?
Our employees are our most important resource at Pravati. Without them, we wouldn’t be able to issue financing, service clients, and keep investors informed. That’s why in March we took steps to begin having all associates work from home. Using resources like Zoom and DocuSign, we’re able to collaborate fully and handle incoming business with no delays or adjustments, just like always.
Just as we’re concerned about our employees and clients, we know you are too. That’s why we’re still underwriting and funding cases for law firms and companies the same way we always have. We have the same application process, the same funding speed, and the same contractual options, featuring nonrecourse and recourse financing.
Nothing has changed regarding how we report to investors. In addition, our proprietary risk-assessment underwriting method hasn’t changed, which means the risk taken on by investors remains targeted and is unaffected by the movement of the stock, bond, and other markets.