A sluggish economy, a battered banking industry, lagging consumer spending – all have slowed the flow of business financing across the U.S., in many cases to a trickle. This has presented a special challenge for plaintiff’s attorneys seeking lawsuit settlement funding. Even in the best of times, banks are unable to meet law firms’ needs with their conventional products. And, due to the economy, many sources of litigation funding have closed their doors or scaled back lending.
One firm is bucking the trend – dramatically. In just the last three months, RD Legal Funding, LLC (“RD Legal”), a New Jersey-based direct funding company that specializes in cash management solutions for law firms, has provided over $12 million in attorney funding across 30 transactions with its clients.
“We understand the special needs of plaintiff’s attorneys and have ample funds available to meet them,” said Joseph Genovesi, Senior Vice President of New Business Development at RD Legal. “We are actively funding some of the fastest-growing law firms in the U.S.”
With attorney financing from RD Legal, lawyers no longer need to wait months or years to receive their fees from settled cases. “We’ve seen our clients experience dramatic growth time and again through this formula,” Mr. Genovesi said. “Lawsuit settlement funding can be immediately applied to pursue new, larger, more profitable cases, diversify the firm by adding partners with complementary skills, or launch aggressive advertising programs to increase caseloads.”
For example, one RD Legal client utilized financing to diversify its practice from motor vehicle accident claims and began to take on larger, more complex litigation. RD Legal advanced $6 million to this firm via their fee acceleration program. The firm invested these funds in advertising to generate new pharmaceutical litigation cases. As cases were settled, the firm was able to tap into more settlement funding to bring in even more cases. All told, through legal funding, RD Legal’s client was able to generate a portfolio of product liability cases that resulted in over $20 million in fees!
RD Legal is very flexible in the ways it can provide litigation funding, explained Founder and CEO Roni Dersovitz, Esq. “We can purchase fees of almost any size, from $20,000 and up,” he said. “We can purchase a portion of your fees to start, then purchase the remainder when additional funds are needed later. And, unlike some litigation funding firms, we have the resources to finance fees up to $20 million or more.”
Recently, RD Legal has expanded its business to include post-settlement funding for plaintiffs. “We recently funded four plaintiffs from a major class action suit, providing a total of over $580,000,” Mr. Genovesi said. “Whether you are an attorney or a plaintiff with a settled lawsuit and you don’t want to wait months or years to receive your money, we are ready and able to help you today.”
Unlike other organizations that advertise lawsuit funding, RD Legal is not a broker. They are a direct funder that will never share or sell client information.
To speak to a lawsuit settlement funding expert, call RD Legal toll-free at 1-800-565-5177. For more information, please visit http://www.legalfunding.com.
Written by David Smethie, Deal Origination Manager at RD Legal Funding, LLC