Pre Settlement, Litigation Finance & Ethics
- December 3, 2017
- Jeffrey A. Rubin
Redwood Funding Group never charges fees and never compounds the interest. One Fixed Rate of 15%. Borrow $1,000, You Owe $150 Every Six Months. That’s It!.
Redwood Funding Group:
There are 3 questions to ask yourself if you seek pre settlement funding & litigation finance. 1) Does the company charge fees? Most funders do charge fees. Redwood Funding does not charge any fees in any form. 2) Does the funder compound their rate of interest. Most funders compound interest monthly. Redwood Funding Does not compound their interest. We have one fixed rate of 15% for each six months. 3) Most important questions: Bottom line, what will I owe the funder after 1, 2 & 3 years? See our website. The number your lawyer puts on the check is on our website. It beats every funder in the country.
Ethical Considerations of Pre Settlement Funding:
Most judicial departments have safeguards in place to protect the client from litigation finance. Further, whenever a third party is involved it can create conflict. Specifically, pre settlement funding inherently creates a potential conflict for the lawyer. All lawyers have a fiduciary duty towards their client. This means that the lawyer has to protect the interests of the client. This is true for personal injury and for commercial litigation. Most, if not all, jurisdictions in this country restrict a lawyer’s professional conduct in this regard. Therefore, by these restrictions safeguards have arisen to allows these cash advance and protect the client.
Cash Advance, The Pitfalls:
Judicial departments of various states has different opinions on pre settlement funding. The New York City Bar Association states that it is not unethical for a lawyer to advise a client on being involved in a pre settlement funding arrangement. However, they caution against several pitfalls that arise with cash advances. One of the pitfalls is whether the agreement is a legal contract to begin with. Furthermore by engaging in this funding, is the lawyer acting as the proper adviser toward the client. Hence, any agreement will involve the concern of giving over to a third-party private information about the client. Finally, a lawyer must be concerned about the entry of a funder and whether they are losing control over the litigation. If the funder exerts control, it can cause the client to settle the case for less than the actual value of the case.
State By State:
In Florida, the bar association states that the lawyer can inform a client about litigation finance if it’s in the client’s best interest. In New Jersey, Connecticut, Pennsylvania, Missouri and Maryland the attorney must inform the client about the loss of attorney-client privilege. Some states have specifically enacted legislation that requires the third-party funder to register. Maine, for example, requires third party funders to register with the state. Maine has also enacted specific legislative provisions that must be included in any and every agreement with a funding company.
State By State, Cont’d:
In Ohio for example, legislation was enacted that required a litigation finance company to state that they will have no rights in any decision regarding the lawsuit. Hence, the main conflict that often occurs is the clients desire to settle early. A client may feel the need to settle rather then keep paying the litigation finance company. Therefore, the state of Ohio limits or forbids the cash advance company from having any degree of control or involvement with respect to the litigation. In the state of Texas, they also proposed legislation setting up a regulatory scheme to allow these companies but with similar restraints.
Why Redwood Funding Group:
Redwood Funding Group has no say in any aspect of the lawsuit. As a result, we do not tell the client when to settle or the lawyer what to demand. Redwood Funding Group makes no provision to be told when settlement negotiations take place or when trial is scheduled. This means, once Redwood Funding Group makes its advance to the client, there is no further contact whatsoever. See National Academy of Continuing Legal Education on Ethics in Legal Funding. https://www.nacle.com/ In conclusion, compare the guaranteed rates of Redwood Funding Group to any other legal funder and you save thousands of dollars.
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Litigation Finance & Pre Settlement Funding:
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