Funding Plaintiff's Cases
John Day has an excellent post on Funding for Plaintiff's Lawyers. John says:
The bottom line is this: it is important that you manage your practice in such a way to meet your professional and personal financial needs. That will require you to make some difficult choices, not only about your case selection but also about your lifestyle.
He also points to his earlier guest post on Evan Schaeffer's Legal Underground where he discusses how it’s important to screen cases carefully.
I know that (a) 33 1/3 % of 0 is 0; (2) time is money; (3) employees and the landlord want to be paid whether you win or lose; and (4) nobody is making more time.
Therefore, the acceptance of any case has to take into consideration the likelihood of recovery, the potential amount of recovery, and the amount of time and money it will take to get there. If you are not thinking about those things, I suggest you start. Know that in the beginning you will be wrong by half--i.e. your investment of time and expenses will be double what you expect.
In a timely post, Evan posts about litigation funding from this article at this article at Law.com.
I personally think John Day is right in that you have to be careful on which cases to take on and how many cases you take on. John Romano, talks about maintaining a ‘big case budget’ and being able to tell where you are on your financial obligations as well as knowing the legal obligations.
