From the Wires
Attorney Funding Capital Increased For Lawyers Who Need Loans By Legal-Bay
- Legal-Bay secures up to US$10MM from Domestic and Foreign Institutional Investors to expand its Attorney Funding Division.
By: PR Newswire
Nov. 23, 2012 05:00 AM
NEW YORK, Nov. 23, 2012 /PRNewswire/ -- Legal-Bay LLC, The Lawsuit Settlement Funding Company, announced today that they have secured up to US$10MM from two separate Institutional Investor Groups –one domestically and one foreign- to expand its Attorney Funding Division for law firms that are in need of capital for operations. The funds are available effective immediately.
Legal-Bay has become an immediate player in the market for attorney loans in 2012. The company's Attorney Funding Division has increased its applications and loans to law firms by over 1000% from 2011. The company believes that the recently increased capital commitment will again increase attorney funding loans dramatically for 2013.
Legal-Bay reports that capital from Legal Funding Companies has "dried up" on direct loans to law firms due to some "bad apples" in the past. There are now only a select few companies actually even accepting applications for law firm funding. However, Legal-Bay's unique underwriting process takes a direct approach to each and every file, with the focus on the law firm's case load – as opposed to credit scores. This approach is what separates Legal-Bay from traditional Banking Institutions and most firms in the Legal Funding Industry. The big difference is Legal-Bay fully values "pending cases" as actual "collateral", whereas a traditional bank only accepts hard assets in most cases.
More importantly, Legal-Bay can tailor a funding program that fits each firm's needs –with servicing of the debt reasonable and ultimate payback of the loan at a time when most advantageous for the firm. Typically this occurs once the firm settles a large case that they had been waiting on for a long time. Funds can be used by the law firm for Case Cost Funding – such as Expert Witnesses and depositions, marketing expenses to grow the business, salaries, or general working capital to run day-to-day operations.
Patty Kirby, Head of Client Relations at Legal-Bay, assessed the law firm loans Market, "We are seeing a large increase in applications and funding for attorneys in 2012. Specifically, at the end of the year many law firms don't settle many cases and cash flow gets tight over the holidays season. This is at the same time that their staff and employees are due holiday bonuses. Also at this time of year, lawyers are preparing for large cases or trial costs heading into the New Year. Whatever the specific circumstances may be, we are extremely excited to have obtained this commitment of funding at the perfect time. And we are immediately putting it to good use for law firms who need it before the end of the year."
Legal-Bay has already "earmarked" close to $1MM for attorney funding loans between now and Christmas for law firms located in Los Angeles, California; Dallas, Texas; Las Vegas, Nevada; New York; New Jersey; and Tampa and Orlando, Florida. Legal-Bay expects this number to increase substantially by the end of the 1st quarter of 2013. Lawyers who are interested in obtaining a credit facility from Legal-Bay can expect approvals to take 5-7 business days regardless of your Credit Score or the law firm's Credit Rating.
To begin the applications process contact Legal-Bay via the web at: Lawsuitssettlmentfunding.com where you can learn more about the attorney loans program. Or call Legal-Bay's toll free hotline at 877.571.0405 where an agent can assist you immediately. You may also contact Legal-Bay's Attorney Funding Division directly via email at: firstname.lastname@example.org.
Contact: Patricia Kirby, Email: Patty@Legal-bay.com
SOURCE Legal-Bay LLC
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