It’s no secret that we are all living in increasingly uncertain economic times. With rising interest rates and inflation, many individuals are more desperate for financial assistance than ever. At the same time, banks are tightening their lending standards, making it harder for people to stay above water financially during their lawsuits. That’s why we at The Milestone Foundation put plaintiff over profit and have recently lowered our rate to 10% simple annual interest.
We are more committed than ever to providing fair funding to plaintiffs in need. Our mission, at its simplest, is to provide access to justice through our ethical approach to consumer litigation finance.
A plaintiff in financial distress risks settling their case for less than it’s worth. A non-recourse advance to pay for their essential needs can make the difference between seeing their case to its just resolution or giving up and settling for a much smaller amount. Sadly, virtually nonexistent consumer protection regarding these contracts leaves plaintiffs vulnerable to exorbitant interest rates that border on usurious. We’ve heard time and again from attorneys that they try to discourage their clients from taking these advances. But oftentimes, there is no alternative.
That’s why we are breaking tradition in the space. Our staff works closely with applicants to ensure they only borrow as much as they need. In fact, our board mandates that we only advance a maximum of $25,000 per plaintiffs, and our average advance is $7,000. These emergency funds make an immense impact in the lives of our clients. Many are overcome with gratitude when we help keep a roof over their heads and their families fed as their lawsuits move forward.
In the seven years since we founded the Foundation, we’ve advanced over $4.6 million to more than 620 plaintiffs. But we want to do more. Whether reaching more clients, supporting legislation to protect consumers, or inspiring other companies to implement our ethical funding model, we can change the non-recourse lending space. But we need your help.
Please join us in our efforts to provide access to justice. When you make a gift to the Foundation, that money goes directly to a plaintiff in need. When you share information about our program on a listserv, that action lets your fellow attorneys know that we are a trusted resource. When you apply to join our Advisory Council, you can bring your experience and skills to help us expand our offerings.
We are so appreciative to have you support the work of The Milestone Foundation, and we hope you are inspired to see what we can accomplish together.
John and Amy Bair