Secure Third Party Litigation Funding For Class Action Lawsuits
Class action lawsuits can be a crucial aspect of business for many law firms. First, class action suits can elevate your law firm’s profile, helping cement even more class action suits and individual clients in the future. Second, these large actions can bring in fees that make all the time and work they require more than worth it.
But committing to a class action suit requires a level of financial stability that many firms don’t have. Before taking one on, you have to know that you have the resources to maintain ongoing operations, to pay for research and other suit-related expenses, to make payroll and to continue marketing, especially since you don’t know how long it will take to settle the class action.
One way to meet all these expensive demands and still take on potentially gratifying class action suits is to consider funding for class action lawsuits.
Do You Need Third Party Litigation Funding From Pravati For A Class Action Lawsuit?
Class action suits are long-term commitments for lawyers and firms. It takes time to notify the public about the suit, to add more plaintiffs and gather their information, to go through discovery, and work on arguments. After all that, it can take years for courts to hear arguments and testimony and make decisions. It sounds trite to say, but time is money—and that can be problematic for firms that take on class action suits—unless they secure class action lawsuit funding.
Class action lawsuit funding is a non-recourse form of third party litigation funding that allows a cash advance to be paid out on the lawyer’s and firms anticipated fees from winning or settling the class action suit. Because of the stringent underwriting guidelines Pravati Capital applies to potential funding applicants, our loans do not create a debt that needs repayment if the case fails. Instead, we fund only those cases with a high likelihood of payout, giving you the funds you expect to get much sooner than you’d otherwise get them.
Funding, once approved and paid, can be used for a variety of needs, including:
- Paying additional paralegals, researchers and administrators to handle the influx of claimants and discovery materials
- Handling office rent, storage fees, and other monthly costs necessary to keep your firm running
- Paying for class action advertising and outreach costs
- Maintaining ongoing expenses so that you can stay comfortable and productive while your clients hold out for the settlement amount they deserve
A class action lawsuit can take years to settle. It may require a long, drawn-out court battle before you even get an offer of settlement—and your client may not be interested in the first offer given to them. Does your law firm have that kind of time to work with restricted cash flow? Well thankfully, it doesn’t have to. Contact Pravati Capital today and find out how we can set you up with third party litigation funding for class action lawsuits so you can keep your firm on solid ground while you are focused on fighting for your clients.
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