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The Non-Recourse Program
AFS provides non-recourse advances (also called advance funding or pre-settlement funding) supported by the Law Firm's anticipated contingency fees and case costs from pending cases. That means an advance from AFS is only repaid when and if a recovery is obtained. AFS provides Law Firms with Non-Recourse advances ranging from $50,000 to $750,000.
In addition, AFS finances attorney's fees on Settled cases.
::Back To Top::The Recourse Program
AFS designs full or partial recourse programs to fit the needs of its clients. Because of the recourse feature of these financings, the risk to AFS is lower so the financing fees we charge you are lower. In these programs, AFS requires a full credit check on the partner (s) of the law firm requesting the advance, as well as a pledge of the contingency fees associated with that firm's cases and a guarantee of repayment from the law firm and its partners. However, here again, we provide significantly more funding than do traditional lending institutions.
::Back To Top::Fees
Each advance is unique. AFS' fees are based upon our independent analysis of the value and risk of the cases submitted by the law firm for funding, as well as the guarantees which may or may not be part of the financing structure (recourse vs. non-recourse financings). A fee schedule is negotiated up front, and is clearly defined in the Attorney Advance Agreement prior to the closing of any transaction.
As provided in many states' ethic's code, cost of advances may be reimbursable to the attorney as a cost of litigation when a case is successfully litigated.
::Back To Top::Process
After receiving the necessary information to evaluate the cases submitted by the Law Firm, AFS provides fast decisions. AFS requires documentation supporting liability, damages and defendant's ability to pay for each case submitted, as well as any retainer or referral agreements. In addition, in the case of lower cost full recourse programs, AFS will require financial and tax information from the law firm requesting the advance, as well as its partners.
Prior to signing the Attorney Advance Agreement, the Law Firm is under no obligation to accept any offer and can change its mind at any time.
To start the process simply fill out the Inquiry Form and an AFS specialist will contact your Law Firm. If you prefer, an Attorney Advance Application can be downloaded from this website--please complete and submit to our office via fax.
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