The Florida bar understands that banks won’t loan money to those who are injured and unable to work due to being a victim of an accident. Attorneys are unable to loan money to clients out of ethics. So the legal system its stalling tactics gave birth to the pre settlement funding industry. We understand how insurance companies and their legal teams will use stall tactics for months or even years so that plaintiffs will have to take lowest offer because they can’t take the financial pain anymore.
What Does The Florida Bar Say About Pre Settlement Funding
The Florida Bar is quotes as saying:
An attorney may provide a client with information about companies that offer non-recourse advance funding and other financial assistance in exchange for an interest in the proceeds of the client’s case if it is in the client’s interests. The attorney may provide factual information about the case to the funding company with the informed consent of the client. Although the attorney may honor the client’s valid written assignment of a portion of the recovery to the funding company, the attorney may not issue a letter of protection to the funding company.
Note: This opinion was approved by The Florida Bar Board of Governors on March 15, 2002.
The Florida Bar may discourage the use of non-recourse advance funding companies, but out of ethics they do see a need for them.
If you feel that your client is going through a hard time financially, call us. We aren’t sharks and have one of the lowest rates in the industry at 2.5%.
http://www.floridabar.org/tfb/tfbetopin.nsf/SearchView/Ethics,+Opinion+00-3?opendocument