Contact: Jesse Lizarraga
Amicus Capital Services Continues to Help Trial Lawyers Fight for Justice while increasing their bottom line
August 10, 2010 (Valencia, CA) In 2007 Bill Tilley took his vast experience, expertise, and passion to be the best and started Amicus Capital Services, LLC. As a founding partner, President and CEO, Tilley brought a track record of success ranging from the creation of the law firm finance industry more than a dozen years ago to driving the growth of litigation finance by personally participating in well over two hundred million in loans to law firms that focus on plaintiff’s litigation.
Amicus is proud to reaffirm its commitment to funding plaintiff’s law firms and as such is announcing the expansion of its Law Firm Financing Services.
About the Program
The Amicus program dramatically reduces the need for trial lawyers to serve as interest-free lenders for their clients. By participating in the program, law firms avail themselves of a secure source of funds that provides not only for future case development costs, but also for the recovery of monies already advanced on behalf of their clients. In the typical Amicus credit facility agreement, participating firms will be able to recover up to 100% of the amount of their case development costs in immediately available cash. The Amicus program produces many benefits for participating firms, including:
- No principle payment until the underlying case is resolved. The firm is not required to make any principle payments until a case is resolved. Traditional banks require periodic repayment of principle balances. Amicus Capital understands the erratic nature of cash flows for trial lawyers.
- Payments can be tied to a firm’s cash flow. Amicus only requires interest payments each month, principle payments are only required when the firm receives income.
- No interest expense to the firm on cases that are won or settled successfully. Most states provide a mechanism by which attorneys are permitted to recover the costs of litigation when a case is brought to its conclusion. In addition to the costs of depositions, expert witnesses, demonstrative evidence, and the like, interest expense paid to third parties can generally be treated as a cost of litigation. Each state has its own ethics rules and opinions, with which participating law firms must comply.
- Larger lines of credit are available through the Amicus program. Banks are typically reluctant to lend large sums of money to firms engaged in contingent litigation. As a result, bank lines are generally insufficient to cover the majority of a firm’s inventory of case development costs. Amicus Capital understands that the value of the firm is found in its cases. As a result, Amicus will often provide four to five times the amount of money that a traditional bank will offer.
- Reduced risk is found in the Amicus program. Traditional banks are often indifferent to the cash flow requirements of a trial lawyer when a line of credit expires. Amicus Capital Services has designed its program to insure that attorneys have sufficient time to bring cases to a successful conclusion.
- Eliminate Phantom Tax. Since advances on case expenditures are generally not deductable the capital that is invested in case development can show up as income to the firm resulting in a tax payment on funds that are not realized or available to either the firm or its partners until the underlying cases are successfully resolved which may be years later.
Financial Benefits to the Firm
Many firms believe that it is inefficient to borrow funds for case development costs when they can afford to make such advances out of pocket. However, such is not the case. By participating in the Amicus program, law firms are able to recover up to 100% of the funds that are perpetually invested in case development costs. Even if these funds were invested conservatively in a retirement fund, the principals of the firm would recognize dramatic financial benefits. Amicus provides trial lawyers with the strength of financial leverage.
“We’re not lawyers,” Mr. Tilley states. “We’re the pioneers – financial experts that specialize in legal finance and the business of practicing contingent law while helping law firm’s move up to the next level.”
To read more on the business of law visit or blog: http://AmicusCapital.wordpress.com/
For more information on Amicus Capital Services, LLC and our attorney loan products, please visit their website at: http://www.amicuscapitalservices.com/
Amicus Capital Services, LLC
25876 The Old Road, Suite 340
Valencia, CA 91381
Phone: Toll Free (877) 926-4287
Direct (661) 263-2319
LinkedIn Profile: http://www.linkedin.com/in/billtilley