For years, there have been rumors- is there now substance?
The following announcement was mass mailed October 19, 2009 to many of New York State's trial lawyers by Law Cash (a company that provides financing to plaintiffs and the bar AND, drum roll… says that it buys structured settlements from annuitants on its website. Law Cash owns a factoring company called Structured Settlements Investments, LP, which it acquired on or about September 6, 2006.)
"The country’s premier litigation funding team from LawCash, Esquire Capital and Allied Esquire Insurance Agency are proud to announce the formation of Esquire Settlement Services (ESS)……offering structured settlement solutions and a whole lot more!
As the only settlement consulting company owned and run by practicing trial attorneys, ESS brings you true plaintiff-based settlement consultants that are dedicated to serving the plaintiff’s bar and remaining on the cutting edge of settlement planning"
Esquire Settlement Services is affiliated with Tallahassee Florida based Millennium Settlements. Millennium's strategy appears to dominate the legal funding market with existing relationships with Plaintiff Support Services , Counsel Financial and now Law Cash (which recently purchased PSS).
The affiliation of the entities manifests a scenario in which the legal financing company has the opportunity to pressure the law firm or individual to which it provides financing to use the structured settlement firm it has an affiliation or common ownership with.
On the factoring front, while a lot of lawyers huff and puff their disgust about structured settlement factoring, it remains to seen whether or not New York State's trial lawyers or any other trial lawyer associations in the LawCash footprint believe that there is any conflict of interest (or appearance thereof) here. Structured Settlement Investments, LP is on our list of "cash now" pushers.
Finally, I must address the implication, by Esquire Settlement Services, that a company owned and run by practicing trial attorneys is a point worth noting.
Settlement planning IS NOT a part time business. There ARE a number of successful structured settlement consultants whose career originated in trial law. Ask THEM why they gave up their trial law practice.
The corollary applies. If you are a plaintiff, do you want have an attorney represent you who is not dedicated to the practice of law on a full time basis? If you need to have a kidney removed, do you seek out a part time surgeon?
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