In the last post, we discussed the lawsuit funding process and how that process requires the cooperation of plaintiff’s counsel in order to get the deal done. We also discussed that although cooperation is necessary, using a certain approach can greatly minimize the amount of time a personal injury firm must devote to the process.
In this article, we discuss the benefits of that approach. An approach which, if done consistently and over time, greatly reduces the burden on the firm’s personal injury practice.
A Common Situation
The routine lawsuit funding application requires your staff to compile paperwork and send it to the funding company for processing. Not surprisingly, a specific piece of information may not readily available. This is not surprising because although the funding company requests the information, your firm simply may not need it yet.
One common example of this is a complete medical file. Many offices wait to compile the medical records until the client is done treating. This makes sense because the matter cannot be settled until after treatment is concluded. Otherwise, how can an expert determine permanency?
Not having the information, from a lawsuit funding perspective, greatly hinders the ability of lawsuit funding underwriters to assess a potential settlement value on the case. And since that value determines what amount of funding is offered to the client, not having the information often results in a denial of the funding request.
If you have ever handled a phone call from a desperate client, you undoubtedly know how difficult this situation can be. On the one hand, you don’t need to be hassled by your clients. On the other hand, each successful case is not only revenue for the firm, but the client is a potential referral source for future business.
As we know, some people are just looking for a reason to complain. Not being able to provide information required for the funding process, even though the documents are not immediately necessary for the case, is simply another reason for clients to be dissatisfied.
Obviously, the idea is to take the hassle out of lawsuit funding for personal injury firms who want to spend as little time as possible on the process AND secure the best possible funding terms for their clients. There is a way to do this, but it involves a little bit of up front leg work, a little bit of experience and a dash of faith.
In the next installment, we will actually outline the steps that need to be taken in order to remove the hassle from lawsuit funding. The steps are as easy as 1-2-3 and will make immediate sense once revealed.
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Thank you for your interest in the lawsuit funding business.