Expertpays: The Virtue Fintech Enterprise
Date: 24.06.2020 Time to read: 3 min
"Expert witnesses, the horizon of the access to justice frontier. Expertpays is at skyline, the virtue fintech enterprise. Its mission, to unite attorneys and experts for the benefit of clients. And to boldly strike gold where no one could before. To get the best for its attorneys, experts, and their clients." -- The Continuing Mission of Expertpays
Any similarities to other fintech or legal funding companies are superficial --- we are the lone crew at this altitude: zero-interest expert witness funding, zero-risk expert witness services funding, and a free expert matching service.
Expert witnesses are useful beyond the courtroom. They are useful during the “litigotiation” process, the “pre-litigotiation” process, and any other process relating to a cause of action requiring (1) future projected damages (2) expertise regarding the standard of care and (3) expertise regarding proximate cause of an injury.
Yet expert witnesses and services appear only on the heavy hitting high value cases, rather than the more run of the mill lower limit cases. The up front cost of expert witnesses is high, which explains their absence from the lower dollar value cases.
Plaintiffs’ firms can be capital light --- banks shy away from viewing cases as assets, the IRS view case cost advancements as loans, capital-raising is impossible due to ethical rules regarding non-lawyers owning law firms.
The options these firms have for funding range from mediocre to terrible: credit lines with interest rates above 10, oft-times 20, percent, litigation finance with similar interest rates, credit cards (strange but true) with somewhat higher interest rates, and fee sharing, which results in a much higher interest rate than the foregoing.
All of that is a long way of saying that limiting expert witnesses to high dollar cases made sense for plaintiffs’ firms. Until now.
We put our heads together and found an ethical way for law firms to pay expert witness services at the end of a case. And we made sure that it was zero-interest and zero-risk: Expertpays only gets paid if you get paid. Then, for style, we added finding an expert witness for you (or procuring any expert witness you wanted) --- free.
The result is that using us is more profitable than the alternatives. Using your own capital simply has a lower rate of return than using us. The same applies to using a credit line, except a credit line stays with you and has interest that accumulates. Other litigation financing suffers the same defect.
And using an expert matching service costs money. Unlike us.
Ultimately, we want the best possible results for your clients. That is why we are here and that is why we have embarked on this journey. Your clients need justice, and you need weapons to make that happen. Expertpays is the latest and greatest one. The virtue fintech enterprise.
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