The simple answer to the question “Will lawyers give advances on settlements?” is no, but the full answer is more complicated than that, and there are other ways to get the money you need for your injuries! Let’s take a closer look at the reasons why you would consult a lawyer for an advance on a settlement in the first place, what lawyers are and are not able to do for you financially, and what other resources you can turn to for monetary help when you need it!
The Expenses Of Injuries & Litigation
Being injured in an accident that was not your fault can be a life-changing event in more ways than one - your injuries may be devastating physically, emotionally, and financially. Depending on what the accident was like, the cost of treating your injuries may be astronomical. You may have to pay for costs like ambulatory transport or even air transport from the site of the accident to the emergency room, for one or more surgeries, for staying days or weeks in the hospital, for physical therapy and rehabilitation. Even if you have insurance, your policy won’t cover 100% of the costs. There’ll be copays and deductibles you’ll have to meet, as well as a percentage of the treatment costs. You may have to take weeks or even months off work without pay. The bills will start adding up quickly, and you may find yourself sinking deep into debt or being unable to pay for things like groceries and rent.
This is why many people seek the help of an attorney in filing a personal injury lawsuit. When they make a claim for compensation, they will either end up settling with their insurance company/the defendant’s insurance company for monetary damages or going to trial and being awarded damages by a jury/judge (they may also lose their case, but the odds of winning increase when the right attorney is hired).
However, it can take months or years for personal injury cases to be resolved, especially if the case goes to trial. For the injured accident victim, that means going months or years without the money they need to pay for their injuries. Insurance companies know this, so they will often present a lowball offer in early negotiations in order to tempt the plaintiff into accepting less than what they deserve because it means they get the money faster.
The Role & Rules Of The Attorney When It Comes To Advances On Settlements
No attorney wants to see their client settle for less than what the attorney thinks is a fair offer. Partially because their job is to fight for justice for you, and justice would be maximum compensation, and partially because most personal injury lawyers are paid on a contingency fee basis. What this means is that they only get paid when you win, and their fees come from a percentage of your settlement - the higher your award is, the more they make, so they do have a personal interest in how much they can get for you (but you also make more when they get a higher settlement, so, it’s a win-win).
Lawyers want you to hold out for the full value of your case, and they do the best they can by you financially by not making you pay until your case is fully settled, but lawyers are not legally able to loan money to their client as an advance against future settlement funds. This violates their code of professional ethics and is a conflict of interest. They could actually lose their license for doing so!
However, lawyers can sign an agreement for you to receive a lawsuit loan (also known as a cash advance on settlements, pre-settlement funding, litigation funding, and by other similar terms). If they don’t help you, you will not be able to get this kind of loan, which can give you the money you need from another source before your case settles!
The Benefits Of Lawsuit Funding
Lawsuit funding comes from a third-party - not a lawyer or law firm. When you apply for lawsuit funding, you provide the company with a few details about your case, and they contact your lawyer for confirmation and further questioning. If the lawyer cooperates, in most cases you will be able to qualify for a special type of lawsuit loan, and you will be issued a check or direct deposit immediately for a percentage of the settlement your lawyer expects to win. You can use this amount however you want to - to pay medical bills, to pay for food, to pay your mortgage or rent, to buy clothes, to arrange transportation. It should be enough to hold you over and keep you afloat financially while you wait for a fair settlement to be arranged. Getting a lawsuit loan gives you negotiating power with the insurance company, because they will be forced to pay out the amount you deserve or the lawsuit will keep dragging on/go to trial.
After you win an amount, either in a settlement or at trial, the interest fee of the loan comes directly from your damages. You technically pay nothing out of your own money! And if you lose, you don’t have to pay back anything at all.
Our Process Can Take Less Than 24 Hours!
Lawyers can’t give you an advance on your settlement, but we can, with their approval. Applying for a lawsuit loan from National Lawsuit Funding is quick and easy. All it takes is 5 minutes of your time, 5 minutes of your attorney’s time, and that’s it! We don’t need medical documentation - we just need some details about your case from you and your lawyer in order to be able to give you a cash loan. Start your application today and if approved, we can send you the loan in less than 24 hours!