The last thing you want as business owner is a lawsuit to drain your strained resources. However, the numbers today paint this as a grim reality you have to face in entrepreneurship. According to the US Small Business Administration (USBA), legal woes cost small businesses more than $100 million every year.
Well, consider a fire gutted your firm’s offices and yet the local authority is liable? In such a case, your attorney will assess your case and give an assessment of chances for settlement. However, your business will be crippled in the meantime.
Dragging Lawsuits
Whatever the case you will concur that survival in such a situation is daunting. With modern society becoming even more litigious, it is highly likely that your company might find itself in court over one issue or the other.
The problem with such court cases is the fact that while you might be the plaintiff your business might get its scarce capital drained. While you might have a case and you know you are going to win probably against the local authorities or any other defendants, it behooves on you to get some other funding to give some impetus to your business.
Lawsuit Funding
This is where business lawsuit funding comes in handy. Legal funding helps your business to keep moving as you await a settlement. This financing helps to keep your enterprise running as your case drags through the corridors of justice. The beauty of this financing includes:
1. No risk financing: There is zero risk for your company because these legal firms evaluate your case first before giving you an advance. Afterwards you will sign a no-win no pay agreement meaning you lose nothing at the end of the day.
2. Instant approval: There are legal experts involved in looking at your case which expedites the process. In case your enterprise has collapsed, you will be on your feet within no time as the lawsuit proceeds.
3. Low payment fees: Most reputable legal funding companies offer realistic repayment charges. If you are keen enough you will be able to bag a good deal from these firms in order to repay comfortably and still retain some more cash to inject into your business.
4. No credit checks: If you are in debt and your credit score is poor, you will not have to worry because funding does not peg on credit history.
Picking a Reliable Funding Partner
Before you pick any company to finance your case, it is important to consider the following:
1. Reputation: You must visit consumer review pages and also check BBB rating of any company you want to work with. This helps you to identify only financial partners with a credible funding history.
2. Professionalism: To pick the best lawsuit funding firm make sure you assess its professionalism during initial contact. You can instantly tell whether a company will maintain confidentiality the moment you start talking to a representative. Such companies have a code of ethics that all agents have to follow.
Who said you have to wait for months as your compensation case drags in court? Talk to an established company now.
BIO
Bill Osteen is an attorney of law who has been in the industry for 17 years. He is now a consultant with lawsuit funding companies and lives in Newark.