WHY SHOULD I USE MANNARESOURCES LLC FOR LAW FIRM FUNDING?
We will custom tailor a funding program that will meet the needs of your law firm. Numerous types of funding are offered with flexible payment terms. We have in-house underwriters familiar with all areas of law. We will provide for your law firm the superior service and financial resources that you need.
IS THERE A MINIMUM AND MAXIMUM FUNDING AMOUNT?
Our typical law firm funding amounts range from $100,000 to $1,000,000. If needed, smaller funding amounts ranging from $25,000 to $100,000 can be arranged. Law firm funding amounts over $1,000,000 can also be arranged, if there are appropriate collateral cases presented.
IS A GUARANTEE REQUIRED TO BE ELIGIBLE TO RECEIVE THE LAW FIRM FUNDING?
If recourse funding is used, then a personal guarantee of the law firm’s principals will be required. However, most of our funding is non-recourse. There is no personal guarantee required for non-recourse funding.
ARE THERE ANY CREDIT REQUIREMENTS?
The law firm should have a clean credit history. There should be no bankruptcies in the recent past. The law firm’s credit report should be free of any liens on taxes or payroll.
HOW LONG DOES IT TAKE TO RECEIVE THE LAW FIRM FUNDING?
It typically takes four to five weeks to complete the due diligence and review, followed by the subsequent funding to the law firm. It can take longer in some instances, depending upon the complexity of the reviewed cases.
WHAT HAPPENS IF ALL THE COLLATERAL CASES ARE NOT WON IN COURT?
If all the collateral cases used for our non-recourse funding are lost, the law firm is not required to pay back the funding amount and fees. If recourse funding is used, then the funding amount and fees will be required to be repaid.
HOW IS NON-RECOURSE LAW FIRM FUNDING BENEFICIAL TO LAW FIRMS?
- There are no out-of-pocket expenses for the attorneys. The funding amount and fees are paid back as the collateral cases are won or settled.
- There are no business-related restrictions on the use of funds from the underwriter. The law firm funding can only be used for business-related expenses such as rent, staff salaries, marketing, new equipment purchases, office expenses, advertising, expert witness fees, pre-trial discovery costs, etc.
- The law firm has ample time to win the cases pledged for collateral. Most of the funding advances made to the law firm have a one to three-year term for repayment.
- There are no monthly payments required for our non-recourse funding.
- Attorneys do not have to pledge personal assets as collateral.
- The funding amount and fees can be paid back at any time within the term period without penalties. (there is a six-month minimum normally for the fees)
- Law firm funding helps to relieve the financial pressure of uneven monthly cash flows, while awaiting the outcome of cases.
- Attorneys don’t have to settle cases prematurely due to cash flow constraints. This funding gives attorneys the time needed to build solid cases for their clients.
HOW DO I GET STARTED?
Your next step is to complete the Law Firm Funding Application. Click here to get started!