Investments in experts' assessments typically represent the largest part of a PI firm's outstanding disbursements. Unsurprisingly, lawyers often seek to reduce this burden by seeking deferred payment arrangements from their experts until the settlement of an underlying claim.
This "supplier financing" solution is an imperfect one for the experts from both a business (i.e. cashflow) perspective and a professional one (their status as a creditor on the file can be attacked by defense counsel).
BridgePoint's Expert Assessment Financing Programme can satisfy both an expert's desire to be paid when their services are rendered and lawyers' preference to defer cash disbursements until settlement. Under this Programme, BridgePoint acquires individual or groups of accounts receivable from the expert, then awaits payment of the account from the law firm upon the resolution of the underlying file. Our purchase is 'non-recourse' to the expert, meaning once we acquire the account we assume all timing and collection risk associated with the account, and we will deal directly with the law firm in administering the collection.
The Programme essentially utilizes "factoring" – a common method of financing businesses of various sizes across many industries where accounts receivable are assigned or sold to a "factor" in exchange for immediate cash to the service provider. Factoring is a particularly suitable financing solution for the personal injury assessment market given the very lengthy account collection cycles that can be involved, and the fact that most experts lack the dedicated resources (personnel and finances) to constantly monitor and pursue their accounts.
A growing roster of experts from across the country – including individuals and IME companies – are utilizing this programme to manage their cashflows and to expand their referral base of law firm clients.
Personal injury claimants are highly vulnerable to situations where their medical, rehabilitation and other "treatment" benefits have been exhausted or unreasonably denied by their insurer. BridgePoint offers treatment financing to ensure claimants have continued access to necessary treatment-related services on a timely basis.Read more
NATIONWIDE LENDING SERVICES available in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland & Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Yukon Territory. PLAINTIFF LENDING SERVICES are commonly referred to as Settlement Loans, Personal Injury Loans, Lawsuit Loans, Pre-settlement Loans, Litigation Loans, Litigation Lending, Personal Injury Funding, Personal Injury Advances, Law Firm Loans, Law Firm Financing, Law Firm Funding, Legal Funding, Legal Loans, Legal Financing, Litigation Funding, Litigation Financing, Settlement Advances, Settlement Financing. BridgePoint Financial Services provides innovative financing and risk management solutions for the Canadian market (Canada).