This article will discuss how an attorney evaluates a potential client and how to find a loan for legal fees.
How Attorneys Evaluate a Potential Client for Contract Advance or Retainer
Some attorneys call it a retainer, others call it an advance on legal services, it’s all the same, this is an initial deposit with a lawyer typically to cover costs and the lawyer’s bills. Every case is different. The advance is a sum of money that the attorney believes is his/her low end to make working on the client’s file financially advantageous. There is an exception for well-established attorneys who have no shortage of people that want to hire them. These lawyers can set their advanced/retainer high because they know someone will pay it. The more money that can be deposited into the attorney’s trust account the more likely the attorney will be fully compensated for their work. For me, I know many families in Traverse City suffer from “the view of the bay is half your pay,” in other words, low income for living in Northern Michigan. I set my advance on how many hours I believe the case will take and what I can live with to work for the client. The most important factor for me is whether the person has a steady income or job. Next, I determine if the potential client makes minimum wage or a higher income. After that, I think about how many hours it will take to complete the legal task for the client. For example, when someone calls me for a child custody issue, it doesn’t take long to determine if the potential client will compromise and reach a settlement or not. The alternative to a client who will not compromise is a person that would rather fight in court, a/k/a litigate, which means a trial/hearing and many hours of legal work. The final factor that I use to set my advance is whether the person has financial support that could help the client with legal fees. For example, if the client’s spouse or family members are willing to help the potential client financially. These are the factors that go into setting my advance for legal representation. Other attorneys may use different criteria. But most attorneys require a lot of money upfront.
How to Get a Loan for Attorney Fees
The advance/retainer is a large hurdle for many people, a real impediment to people hiring an attorney to represent them. It is possible to get a loan for attorney fees, and especially so for a legal contract advance/retainer. Finding a loan for legal fees may seem impossible. But it’s not. Many people just don’t know where to start to find a loan for legal fees. Thankfully there are many very good articles, blogs, and companies online to help. Below are three articles and one company that I thought were very informative.
Justice For Me
Justice for Me is a new company that specializes in loans for legal fees. The client finds their lawyer, the lawyer provides an estimate of litigation costs, then Justice for Me evaluates the client’s finances and offers a loan. If the client qualifies for a loan the client pays no retainer or upfront advance to their lawyer. The lawyer bills Justice for Me directly and the client typically has to pay monthly payments over 18 months. The Justice for Me team has a great website that, in my opinion, demonstrates a strong desire to find a way to overcome the legal financial hurdle. Follow this link to review: “Justice for Me,” and their company website.
Personal Loans for Legal Retainer Fees: Bad Credit Score
This article was written by Kevin Haney for Growing Family Benefits. This article is all about helping people with bad credit. The article offers strategies for people to seek a personal loan. Finally, the article offers insights into family law cases and criminal law cases. Follow this link to read “Personal Loans for Legal Retainer Fees: Bad Credit Score.”
Should Use Personal Loans to Pay for Lawyer and Legal Fees
This article was written by Ben Luthi for MyBankTracker. This article offers insights into personal loans for adoption, family law, criminal, and divorce cases. There is also a good discussion about other means for financing legal fees and a loan finder box is included in the article. Follow this link to read “Should Use Personal Loans to Pay for Lawyer and Legal Fees.”
How to Get a Personal Loan for Legal Fees
Jeff Gitlen wrote this article for LendEDU. The article discusses how legal fees work, eligibility requirements for legal loans, and compares some personal loans for legal fees. Follow this link to read “How to Get a Personal Loan for Legal Fees.”
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Matthew Benedict is an attorney practicing law in Traverse City and all of Northern Michigan. Please visit my blog.