Hey Jim, Can You Loan me $1500 'til My Case Settles?

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Hey Jim, Can You Loan me $1500 'til My Case Settles?

Posted by James Aspell | Jun 23, 2010 | 0 Comments

Brother, can you spare a dime? That's how the old saw goes, and not a month goes by without one of my clients calling, and they "hate to ask, but" look for a loanbfrom me against their comp settlement. I feel bad for most of my clients. I truly do, and it is hard sometimes for me to say no. But I do. I explain, as best as I can, that the Rules of Professional Responsibility prohibit me (thank goodness) from loaning my clients money. I always add the postscript that if I lose my license to practice law, I am of no use to them at all. There are a number of firms out there now that will loan money against a WC settlement. In most cases, I try and steer my clients away from these outfits as I find heir rates usurious. But occasionally, suc a loan is a necessary evil. I do my best to get to know my clients on a personal level. I like it that way. If I think they need the money, and understand the ramifications of these settlement loans, then after discussing it with the individual, Imake it happen. Most of the time it works. No matter what, though, I can't loan you a dime (or $1500.00)

About the Author

James Aspell

Principal since August 1, 2006 James F. Aspell is the principal and managing attorney of the firm which he started in 2006 following 20 years of litigation practice in a mid -size firm in Hartford, Connecticut. Jim focuses his practice in the areas of worker's compensation and personal injury l...

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