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ORIGINATOR PROFILE

Law Cash

The leading provider of litigation finance: LawCash is a market leader in pre-settlement litigation financing nationwide. LawCash was founded in 2000 and currently operates in 47 states nationwide. It has locations in CT, FL, GA and TX. LawCash and its principals have been heavily involved in the evolution of the litigation finance industry in the US. LawCash is an original founder of the American Legal Finance Association (ALFA). ALFA is a national trade association which sets high standards and best practices for the industry. Harvey Hirschfeld LawCash’s founder served as it’s first Chairman.

Originator Highlights

  • Since inception, LawCash has financed over 90,000 individual cases, funding in excess of $440 million.
  • LawCash has a 17+ year history in the industry and has returned 20% per annum net of losses since inception.
  • LawCash has built a strong network of over 37,000 attorneys and law firms in 47 states. They have come to rely upon the company’s services for their clients so they can achieve a fair and equitable settlement for their client.

Operational Overview

LawCash has achieved its market leader position by offering some of the lowest rates in the industry along with industry leading turnaround time whenever funds are requested. With a staff of over 55 people to manage the overall process, the staff of in house lawyers quickly evaluates the merits of a pending case.

  • LawCash diligence process includes understanding the case history by asking questions such as: What happened? Who was at fault? What was the injury mix? What is the insurance coverage? Where did the accident occur (venue)? Who is the lawyer? The process further includes looking through bankruptcy records, various fraud prevention checks, previous funding or other prior liens. We combine all these data points to arrive at a funding decision.
  • A strong reason for LawCash’s success over the past 17 years has been its attention to detail and access to data based on the 90,000 plaintiff’s it has funded. For ex: A plaintiff’s credit history is not important as LawCash gets paid directly by the lawyer via a lien on the proceeds of the case before the plaintiff gets their settlement
  • The case value is the key to the funding process. LawCash’s 10% rule – LawCash never funds more that 10% of its estimate of the gross case value – insures that the Company never overfunds a pending case. A critical element of pre- settlement litigation funding is its non-recourse nature – if you lose your case you do not owe LawCash anything. Therefore LawCash must be extremely diligent in its case review process. As am example in a case of a driver with a pending auto accident case, LawCash will review the other motorist’s involved insurance policy and would not fund more than 10% of the policy. If the other driver had a policy worth $20,000, LawCash would only fund up to $2,000.

Funding Process

LawCash has achieved its market leader position by offering some of the lowest rates in the industry along with industry leading turnaround time whenever funds are requested. With a staff of over 55 people to manage the overall process, the staff of in house lawyers quickly evaluates the merits of a pending case.

  • The Underwriting Process LawCash diligence process includes understanding the case history by asking questions such as: What happened? Who was at fault? What was the injury mix? What is the insurance coverage? Where did the accident occur (venue)? Who is the lawyer? The process further includes looking through bankruptcy records, various fraud prevention checks, previous funding or other prior liens. We combine all these data points to arrive at a funding decision.
  • Data Driven Process A strong reason for LawCash’s success over the past 17 years has been its attention to detail and access to data based on the 90,000 plaintiff’s it has funded. For ex: A plaintiff’s credit history is not important as LawCash gets paid directly by the lawyer via a lien on the proceeds of the case before the plaintiff gets their settlement
  • 10% Rule The case value is the key to the funding process. LawCash’s 10% rule – LawCash never funds more that 10% of its estimate of the gross case value – insures that the Company never overfunds a pending case. A critical element of pre- settlement litigation funding is its non-recourse nature – if you lose your case you do not owe LawCash anything. Therefore LawCash must be extremely diligent in its case review process. As am example in a case of a driver with a pending auto accident case, LawCash will review the other motorist’s involved insurance policy and would not fund more than 10% of the policy. If the other driver had a policy worth $20,000, LawCash would only fund up to $2,000.

Management

Dennis Shields

Chairman

Dennis Shields has been the CEO and Director of LawCash since its inception in 2000. Prior to creating LawCash, he served as President and Chief Executive Officer of HealthShield Capital Corporation (“HealthShield”) from June 1996 to May 2002. HealthShield provides financing, billing, collection and collateral-management services to the healthcare marketplace on a nationwide basis. In addition, Mr. Shields has served on the New York State Health Information and Quality Improvement Committee. He also served as a lay member of the Grievance Committee to the Second and Eleventh Judicial Departments in New York, the committee responsible for disciplining attorneys. He is a founder and the Executive Chairman and a Director of Esquire Bank, a full service, federally-chartered bank.

Harvey Hirschfeld

President

Mr. Hirschfeld has been President and Director of LawCash since its inception. He has over 35 years of experience in consumer and commercial lending, and financial administration. Mr. Hirschfeld is also the Chairman of American Legal Finance Association (“ALFA”) and helped found ALFA. Before creating LawCash, Mr. Hirschfeld served as Senior Vice President, Chief Operating Officer and a Director of HealthShield from June 1996 until August 2002. From 1989 to 1996, Mr. Hirschfeld was Senior Vice President, Chief Operating Officer and Director of Franklin Credit Management Corporation, a publicly-traded real estate mortgage- and portfolio-acquisitions company. He also worked for Ingersoll-Rand Financial Corporation for more than seven years, holding various executive positions, including Director of Special Finance. He was a founder and a Director of Esquire Bank and is currently a Director of Oritani Bank in New Jersey.

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