Entrepreneur Growth Capital's Attorney Funding Division Announces First Funding - Accelerates $400,000 Legal Fee for Plaintiffs’ Law Firm
Entrepreneur Growth Capital, LLC’s (“EGC”) new Attorney Funding Division has funded its first client, a law firm in New York City looking to accelerate a legal fee awaiting judicial approval. More law firms are using alternative financing as banks tighten credit requirements.
New York, NY, September 26, 2008 --(PR.com)-- Entrepreneur Growth Capital, LLC’s (“EGC”) new Attorney Funding Division has funded its first client, a law firm in New York City looking to accelerate a legal fee awaiting judicial approval.
“This case epitomizes the ups and downs of the plaintiff lawyer’s practice,” said Mark Pruner, Vice President of EGC. The law firm invested a lot of time and money in the case and got an insurance company to agree to a fair settlement. However, because the plaintiff was killed in the accident, the settlement had to be approved by the New York State Supreme Court, and just getting a judicial hearing was going to take months.
EGC Attorney Funding was able to step in and advance funds against the future legal fee within a week of meeting the law firm. Now EGC does the waiting, not the law firm. Most plaintiff firms are smaller firms that have uneven cash flow. EGC Attorney Funding helps smooth out these firms’ cash flow so they can put additional resources in the cases they are litigating right now.
“We are very excited about this new division,” said Mr. Pruner. “Lawyers like the quick turn-around and minimal paperwork associated with getting upfront funding against their legal fees. All of our asset-based lending and factoring services have been doing well in this economic climate and it looks like our new Attorney Funding Division will be part of our rapid growth,” he said.
About EGC
Entrepreneur Growth Capital is located in Manhattan and provides asset-based lending and factoring services to small and medium-sized businesses throughout the United States. Its president, Dean Landis, is the third generation to head the company which traces its roots back to 1937. EGC’s Credit Cash affiliate (www.credit-cash.com) is one of the fastest growing providers of loans against credit card receivables.
Links:
http://www.egcap.com/legalfunding/
http://www.credit-cash.com
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“This case epitomizes the ups and downs of the plaintiff lawyer’s practice,” said Mark Pruner, Vice President of EGC. The law firm invested a lot of time and money in the case and got an insurance company to agree to a fair settlement. However, because the plaintiff was killed in the accident, the settlement had to be approved by the New York State Supreme Court, and just getting a judicial hearing was going to take months.
EGC Attorney Funding was able to step in and advance funds against the future legal fee within a week of meeting the law firm. Now EGC does the waiting, not the law firm. Most plaintiff firms are smaller firms that have uneven cash flow. EGC Attorney Funding helps smooth out these firms’ cash flow so they can put additional resources in the cases they are litigating right now.
“We are very excited about this new division,” said Mr. Pruner. “Lawyers like the quick turn-around and minimal paperwork associated with getting upfront funding against their legal fees. All of our asset-based lending and factoring services have been doing well in this economic climate and it looks like our new Attorney Funding Division will be part of our rapid growth,” he said.
About EGC
Entrepreneur Growth Capital is located in Manhattan and provides asset-based lending and factoring services to small and medium-sized businesses throughout the United States. Its president, Dean Landis, is the third generation to head the company which traces its roots back to 1937. EGC’s Credit Cash affiliate (www.credit-cash.com) is one of the fastest growing providers of loans against credit card receivables.
Links:
http://www.egcap.com/legalfunding/
http://www.credit-cash.com
###
Contact
Entrepreneur Growth Capital, LLC
Mark Pruner
212-838-4840 x320
www.egcap.com
Mark Pruner
212-838-4840 x320
www.egcap.com
Contact
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