UPDATE: Due the the passage of the “Tennessee Litigation Financing Consumer Protection Act” we will no longer be offering pre-settlement funding in the State of Tennessee.
Lawyers cannot lend clients money directly for their personal expenses. Any expense other than litigation expenses falls under this category. If you are out of work because of your injuries, paying bills and even buying groceries can prove to be very difficult. This is where companies such as Great Bay Capital can help. Lawsuit funding is not a loan. We simply purchase an interest in your lawsuit. We will advance you funds now so you can wait for the settlement you deserve. Unlike a traditional loan that must be paid back, if you lose your case you owe us nothing! Simple.
In January of 1999, the Board of Professional Responsibility of the Supreme Court of Tennessee gave Advisory Opinion 99-A-666. The Board discussed whether a lawyer could recommend a venture capital company to buy a share of a client’s settlement in order to give the client an advance for personal expenses. Using other states ethics opinions as guidance, the Board agreed that lawyer’s could recommend a venture capital company to buy a share of a client’s settlement. There are a few stipulations:
- the lawyer cannot evaluate the merits of the case for the company,
- the lawyer cannot guarantee the financial assistance to the client,
- the lawyer can get no benefit from the client for the client availing himself/herself of the financial assistance of the company, and
- there must be no legal prohibition against such an arrangement.
If you or your client is in need of pre-settlement funding in Tennessee, please call Great Bay Capital at 1-866-454-7328. We want to help you today, so you can get what you deserve tomorrow!