LFC Launches with a Fix for Legal Funding

NEW YORK, Feb. 19, 2014 /PRNewswire-iReach/ -- NYC-based technology startup Legal Funding Central ("LFC") announced its launch to the public today. LFC is the first website to leverage proprietary technology in order to streamline the onerous legal funding process for law firms, litigation funding companies, and plaintiffs seeking funding.  

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Legal funding, also known as litigation funding or legal finance, is when a plaintiff sells a small part of his pending lawsuit to a third party funder in exchange for an investment in the outcome of the case. Legal Funding offers litigants liquidity and financial flexibility, allowing them to avoid a premature, suboptimal settlement. Already popular in the UK and Australia, legal funding has quickly become a rapidly growing industry in the United States, with some funders raising in excess of $100M to invest in various types of legal cases.

As legal funding becomes increasingly prevalent, law firms find themselves devoting considerably more time and expense towards helping clients obtain funding. Since most litigants submit requests to multiple funding companies (sometimes dozens), attorneys and their staffs can be thrust into the logistical nightmare of having to fulfill requests for the same case information over and over again.

Today, LFC launches a free web platform focused primarily on eliminating inefficiencies in the legal funding workflow for attorneys and their staffs. LFC does not invest in cases itself, and its technology supports various types of legal funding cases, such as personal injury, commercial, patent, and divorce.

On LFC, an attorney or paralegal spends 10 minutes creating a standardized legal funding case file by filling out key information and uploading documents based on the type of case. LFC hosts the case file on its secure cloud-based server, and then instructs plaintiffs to send legal funding companies directly to legalfundingcentral.com. As long as funding companies have been given the proper authorization information, they can review the plaintiff's protected case file and make a decision without ever contacting the law firm.

"We kept hearing the same thing from attorneys and paralegals - legal funding is important to our clients, but I wish I didn't have to deal with it," says Co-founder Dylan Beynon. "There are a million ways that technology can improve legal funding, and I believe we've taken the first major step by removing bottlenecks that law firms and funding companies struggle with."

Beynon also prides himself on his fledgling company's white glove treatment. LFC provides live phone and email support to plaintiffs who need extra help, facilitates requests for additional information by funding companies, and supports fax and email submissions from law firms that want help uploading case information to LFC's website.

About Legal Funding Central

Legal Funding Central's web-based technology makes legal funding faster and easier for law firms, plaintiffs, and funding companies. LFC was founded in 2014 and is based in New York, NY.

For more information, visit http://legalfundingcentral.com.

SOURCE: legalfundingcentral.com

Media Contact: Dylan Beynon, Legal Funding Central, (800) 804-4066, [email protected]

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SOURCE Legal Funding Central