Let the Finance Professionals at LawMax Manage Your Legal Finance Portfolio
Having a third party service a financial portfolio is not a new idea. It is common for financial institutions to originate loans, mortgages, lines of credit, leases and other financial instruments, and then have a third-party that specializes in the back-end of the business service those products. LawMax has applied the same concept to lawsuit funding, providing a comprehensive package of “back-end” services.
- Data Entry: LawMax enters your data into its proprietary client management system (or CMS) and its portfolio valuation software. This database is continually updated as new information becomes available and the plaintiff’s lawsuit progresses through the legal system.
- Case Management: LawMax regularly contacts the law firm of each client and updates the CMS database regarding the status of the plaintiff’s litigation, making special note of any material events that may affect the outcome of the claim.
- Payments Management: When requested by a plaintiff’s law firm, LawMax computes the outstanding total of the investment and generates payment statements. LawMax then follows up with the law firm to insure re-payment of all investments on a timely basis.
- Compliance and Collections: If law firms fail to cooperate with the funding company regarding reporting or payments, LawMax’s Compliance Department takes all actions necessary to secure compliance from all parties, including interacting with law firms about payment delinquencies.
- Dispute Resolution: Should any disagreements arise, LawMax acts as an intermediary to reach a resolution that best meets all parties’ needs, working within the best practices established by the American Legal Finance Association (ALFA).
- Claims and Forensic Investigations: LawMax conducts independent investigations and research relating to any outstanding investments when it is deemed appropriate. In cases where the complexities of the legal finance industry make certain transactions opaque, LawMax will use its experience to provide investors with insight regarding past or future deals.
- Litigation Management: Should it become necessary, LawMax will retain the services of outside counsel to collect funds due from delinquent clients and/or law firms.
- Reporting: LawMax provides both on-request reports and on-line report access capabilities. Lawsuit funding companies can quickly ascertain which claims are still outstanding, which have settled, the amount that was due at settlement, the amount that was received at settlement, and any claims that are problematic. LawMax can even modify its software for each client to accommodate specific needs.
- Portfolio Marketing: LawMax also has the capability to market portfolios of legal finance investments with the aim of creating greater liquidity for funding companies and investors.
- Portfolio Transfer: Having LawMax manage you legal finance portfolio makes it easier to sell or transfer the portfolio. The purchaser of your portfolio simply opens an account with LawMax, and the portfolio is seamlessly transferred to the new owner, with no inconvenience for clients and law firms.
- UCC Filings: LawMax processes all UCC and other lien filings.
- Secure Storage: All paper documents are scanned and digitized, stored on secure servers, and then shredded.
- Consulting: LawMax can apply its considerable expertise to any areas in which lawsuit funding companies or investors in lawsuit funding need independent, third-party expertise, research, analysis and/or advice.
- Industry Experience. LawMax is one of the early pioneers of the legal finance industry, so we can offer unparalleled advice regarding industry best practices, legislative developments and regulatory issues across the U.S. and internationally.
The most effective master strategy for growing your lawsuit funding business is this: Focus on the front end of the business – identifying plaintiffs who need funding and providing that funding – while LawMax handles the back-end.
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