Legal Funding in Philadelphia: 4 Significant Facts to Know3 min read
Philadelphia is the largest city in Pennsylvania and the fifth-most-populous city in the United States. The Philadelphia metropolitan area is home to over 6 million people, making it the eighth-largest metropolitan area in the country.
As the roads are full of vehicles, the chances of being in an accident are higher. For example, in 2021, 8 bicyclists were killed on Philadelphia streets – the highest number in over 20 years. If you have been a victim of an accident, you will know how important it is to have a good lawyer by your side who can help you get the compensation that you deserve.
However, hiring a lawyer is not cheap if one is already struggling to meet ends. If the victim is a resident of Philadelphia or one of its surrounding suburbs and is involved in a lawsuit, they may require legal funding. This blog post will explain why legal funding is essential and what to look for when choosing legal funding in Philadelphia.
Legal Funding Can Help One Pay for One’s Lawyer’s Fees
The typical lawyer in Philadelphia charges between $199 and $354 per hour. If a person has a case expected to last several months or more, they could be paying thousands of dollars in lawyer’s fees. If anybody doesn’t have the money to pay these fees upfront, legal funding can help.
Legal funding is a type of financing provided to plaintiffs in personal injury lawsuits. It is in the form of a cash advance, which means the victim does not have to pay the money back if they lose the case. It can be a lifesaver for plaintiffs who do not have the money to pay their lawyers out of pocket.
If One Loses the Case, They Do Not Have to Pay Back the Funding Amount
The best part about it is that it is non-recourse. If one loses a case, one does not have to pay back the money they received from the company. They can walk away from the case and owe nothing. It takes a lot of financial pressure off the victim’s shoulders and allows them to focus on what is essential – winning the case.
This Can Help One Get a Fair Settlement from the Other Party
Having a level playing field is crucial when negotiating with the other party in your case. If one struggles to make ends meet, the other side will likely take advantage of this and offer them a lower settlement than they deserve.
With legal funding, one can have the financial resources needed to level the playing field and get a fair settlement from the other side.
No Credit Checks or Collateral Is Required
Lastly, when looking for a company, people want to ensure they do not require a credit check or collateral to get the funding. It is essential because they should not have to put up their assets to get the case financing. An excellent company will understand this and work with the victim to get the needed amount without requiring collateral.
If you are looking for legal funding in Philadelphia, keep these things in mind. By working with a legal funding company that offers all these things, you can get the best possible deal on your funding.