What do I Need to Secure Funding for an MVA accident, Slip and Fall, Labor Law or Med. Malp?

Different kinds of cases require different proofs, therefore as a funder we will require specific tailored documents for different types of cases. On every case we ask for a completed application, meds and a complaint or bill of particulars. Specifically on the following types of cases we like to see;
1. MVA-police report, prop. damage settlement or photos[all else fails a witness statement];
2. Slip and Fall[premises]-scanned photos or short 50h or ebt testoimony or engineer's report,
3.Labor Law-c2 or c3 or incident report and
4. Med. Malp.-Info re: expert and opinion as to deviations/proximate cause.
Some attorneys send us a stack of meds without any liability information; making it impossible to properly underwrite the case[and pissing the client off].
Hopefully this information will make your funding experience a little more pleasant.

What Should Your Client Expect From a Funder?

When dealing with an attorney and client in a funding situation, you should always treat them with respect and always be dignified and professional in your interactions. The attorney and client should also understand some basic funding concepts;
1. Normally the maximum advance[pre-settlement] is 10% of the value of the case or available coverage. Funders will usually go to 20% if the case in the latter stages.
2. On a settled case funders will normally advance 40-50% of the person'e expected net share;
3. Funders will not fund a questionable liability case unless injuries are catastrophic. Then usually a nominal advance is made.
4. Funders do not like to fund Allstate or Countrywide cases;
5. On a medical malpractice funding, information about a "real expert" must be available.
6. On a premises case some proofs re: " notice " must be submitted with the funding application.
7. Motor vehicle cases must have a police report, pd settlement or witness statement.
These are just a few of the general rules utilized by funders. Getting a little insight on this may just make the funding process go a little smoother.

Verdict Searches, A Funder's Best Friend.

I am more on top of the "law" now as a funder than I ever was when practicing law. My daily reading includes The N.Y Times, Wall Street Journal, New York Law Journal , Labor Law Updates and The New York and National Verdict Alerts. But perhaps the best source at my disposal is a good old verdict search.
Depending upon the situation, a verdict search[i.e, lumbar laminectomy] can be extremely persuasive when attempting to convince "an investor" or company to fund a case. The range of verdicts and settlements at the time of trial simply do not lie.
Similarly, a verdict search can be a plaintiff's lawyer's best friend too. They can be used in several situations;
1. Showing a client the value of a case;
2. Demonstrating to a client that the settlement being offered is "right in line" with settlements-verdicts for similar injuries in similar venues and
3. Even educating a carrier, Judge or mediator of the value of a case. Great stuff!
All for about $1,100 per year.

Where Would We Be Without Funding?

Now take a wild guess; Who do you think was a major opponent of the funding bill pending in Albany.....Well if you guessed the insurance industry you're correct!
Why, because they want to continue to try for every conceivable way to gain an advantage in litigation against the injured victims and plaintiff's bar. To me , funding is the great equalizer.
Let's take a look;
1. Client's don't have to settle cheap and can hold out[with funding] for fair value;
2. Insurance company delay[grind it out, bad-faith] won't work with funding;
3. Medical procedures and surgery can get done with funding;
4. Cases can be properly prepared and presented with the funding of expenses;
5. Clients can pay thier mortgages and rent and
6. Post-settlement funding can ease cash flow concerns.
Need I say more?
So the next time someone bad mouths funding; take a look at how low cost funding can assist you and your clients in the long, hard, expensive, draining endeavor known as litigation.

Funding Contracts; Full Disclosure

In New York State when a claimant enters into a funding agreement , the contract must contain certain types of information to comply with the opinion of former Attorney General Elliot Spitzer. Actually, right now a bill is pending in the Assembly to codify the Spitzer Opinion.
In a nutshell, the contract must specify how much is being advanced, what the costs and fees are, annualized rate and what will be owed by claimant for each 6 month period over a three year span. There are some other provisions as well but of much lesser importance.
If you have any questions about whout should or should not be in a funding contract, feel free to contact me.

Yes, The Old Fashioned Installment Plan Works

Many clients with significant injuries simply can't work. Let's face it they aint making ends meet with no-fault , comp or disability, That's where I come in.
With the attorney's help we can fashion a monthly budget for the client. Here's how it works.
We underwrite the case and let's say we approve a $30,000 advance. Rather than giving the client the $ all at once , we advance it in twelve (12) equal monthly installments of $2,500. We simply deposit into the client's bank account on every 5th of the month or overnight the check on that date.
This accomplishes 2 things;
1. The client's monthly "nut" is covered; and
2. Your client will not blow all the money at Harrahs Hotel and Casino. It's a prudent and responsible way to do things.
Check it out. Contact me and we can explore sound funding options for you and your client.

Medicare, It's Killing Me!

Remember the days when you would settle a case on a Monday with Allstate on Emmons Avenue, Brooklyn for $75,000. You would immediately have the client in, sign the release and your messenger would take the closing papers to Allstate and pick up the settlement draft "all in one fell swoop". Usually just in time to make Friday's payroll. Well those were the "good old days"; but no more.
With all the craziness and uncertainty surrounding the Medicare Law, settlements traditionally taking 21 days(see CPLR SEC. 5003(a)} now are taking 3-6 months or more for payment. It is obvious what the delays are doing to attoreys' otherwise strapped cash-flow. Killing it, that's what ! There is certainly no shame in requesting funding if this type of situation arises. Infants comps, death comps and supplemental needs trusts also can be devastating to "cash-flow".
So if a situation arises where your really strapped for operating funds, contact me and we'll explore some reasonable options to assist you.

Medicare,It's killing me !

Whatever happened to the good old days when you settled a case with Allstate on Emmons Avenue for $75,000. Client comes in and executes the release and your messenger hand-delivers transmittal letter with release and stip. to Allstate and picks up check all in one "fell swoop". If you were lucky enough to get check on Monday or Tuesday, you would probably have money for Friday's payroll. Ah, the good old days!

Well no more. With all the craziness and uncertainty about the Medicare Resolution law, IT IS NOW TAKING LONGER THAN EVER to get clearance and ultimately the settlement funds. I have received more calls for funding from attorneys in the last 6 months; a result of the economy plus the Medicare delays. There is nothing to be ashamed of by requesting funding on cases[settled] which are taking 3-6 months to get paid, instead of the statutory 21 days.(see CPLR 5003(a). No one is a bottomless well.

If you have a situation where a delay in payment has occurred and a cash -flow issue exists, contact me and we can explore reasonable funding options.

Good luck.

Funding; To Be or Not to Be, That is The Question.

Let's be honest, whenyou learn of a client's funding request or desire to get funding, the following things immediately run through your mind:
1. I am up to my eyeballs in work[pressure]; I don't have time for this cra........
2. What ripoff company, who knows nothing about litigation will I have to deal with ?
3. By the time this case gets to trial the client will owe so much $ that I will be forced into a two week trial;
4. No, I couldn;t care less if this loser client substitutes me;
5. This client doesn't need the money; he's back to work.... or
6. I'll get to it when I get to it!
But then there are situations where a funder[like me ] can be your best friend and ally; providing low cost funding, in a painless-good natured way with 24/7 support and assistance for the following important funding situations;
a. A top client in your office who susained a fractured femur [orif] in an accident involving a collasping scaffold needs $ asap to avoid foreclosure;
b. Driver hit in the rear by a tractor trailor needs 50k to pay for a lumbar fusion[yes no-fault denied];
c. You have a 325k offer on a case that you believe will settle for 600k, but the client is chomping at the bit to take the offer.You need funding to keep him going;
d. Case settles for 900k; Def't carrier in liquidation; Both you and client need an advance,
e. Case coming up for trial. It will cost 40k to try it....yup, funding available........
Because of my understanding of the business , accessability and ability to provide low cost funding I can make your funding experience a positive one!
Love to hear from you.

Surgery Funding; How does it work ?

We've all encountered situations where a client has a torn meniscus requiring surgery, a rotator cuff tear or a cervical or lumbar disc injury requiring major surgery. Let's face it , it is never easy getting these surgeries done usually because of one of the following reasons;
1. No-Fault has been cutoff or the No-Fault carrier has refused to pay for procedure;
2. Worker's comp. refuses to authorize the procedure;
3. The surgeon is being difficult to work with and is demanding full payment[not insurance rates];
4. Major medical won't pay for surgery because it's accident related or
5. All of the above.
Aside from the obvious medical benefits to the client , undergoing a necessary and causally related lumbar decompression/fusion surgery can also turn a $75,000 case into a seven figure case.(see Verdict Searches for this procedure).
That's where we come in. Surgery funding is like other pre-settlement funding; the required documents include,
a. liability info
b. adequate insurance which will allow room for a funder's lien to be repaid and
c. meds/mris and physician's surgery reccommendation letter including type of surgery and costs.
Once funding is approved and contract signed[funding is non-recourse], the checks will be drawn directly to surgeon, hospital and for other related medical costs and sent to the attorney to distribute. Monies for the client's post-surgery living expenses can also be included.
Yes, it's as easy as that. So next time your client needs a procedure and all attempts to get it done through the normal channels lead to a dead end; Give me a ring.

Happy father's day!

How Can an Attorney or Client Get Out of a Bad Funding deal(transaction)?

Let's face it , over time for one reason or another a client has entered into a funding transaction(with daily compounding) which is growing in size($'s) faster than a speeding bullet.!There are a multitude of reasons how your client will get into a "bad deal";i.e. desperation, rushing, not knowing of better lower cost funding......But, there is one sure-fire way to get out...

Bring the deal to a funder such as myself. We will basically reunderwrite the deal, with a view towards paying off the first funder and refinancing the deal at our rates which are 15% every 6 months, no monthly compounding. As part of the transaction the client can request fresh $ as well. The underwriting process is the same as it would be when looking at a new deal(same documentation) but an updated "payoff letter" from the first funder will be part of the submitted documents. Either you can request that or we can.

The monetary savings and benefits to both attorney and client can be enormous; sometimes over the course of a case running into tens or hundreds of thousands of dollars. A case which could never be settled can now be settled!

Just because your client is stuck in an onerous arrangement, don't feel all hope is lost. Call me or email me so we can explore some alternatives to help your client[and you] extricate themselves from a horrible situation.