The Silicon Review
“We have improved our process and uncovered efficiencies which streamline the speed in which our clients receive the financial resources necessary.”
USClaims offers financial services to personal injury victims of auto accidents, workplace and construction accidents, premises liability, and medical malpractice. As one of the oldest and most established pre-settlement finance firms in the country, USClaims has two decades of experience and thousands of clients. A longtime member of the industry trade group the American Legal Finance Association (ALFA), USClaims supports injured plaintiffs and their attorneys by purchasing a portion of the anticipated recovery, thereby providing the injured plaintiff the means to pay bills and endure the often long and arduous litigation process.
To highlight and further understand what USClaims stands for and seeks to explore in this segment, I sat down with Steve Bashmakov, who serves as the company’s Chief Executive Officer.
Below is an excerpt.
Q. As a journalist, I find USClaims quite striking. From the emotional branding standpoint, it has that appeal. How did you come up with the brand name? And please brief us about the history so far.
Credit for the company name goes to Darryl Levine (founder of USClaims). Darryl built USClaims over 25 years ago, making it the longest operating pre-settlement litigation funding firm in the United States. Our focus for the past 25 years has been helping attorneys and their clients with their never-ending battle of protecting clients’ rights. Help comes in the form of our flagship offering which is non-recourse financial support to personal injury victims, many of whom have endured tremendous suffering from wrongful conviction, motor vehicle accidents, unsafe premises, medical malpractice, defective products, and other wrongful harms. This financial support provides injured plaintiffs the means to pay their personal bills and endure the often long and arduous litigation process. We aim to change the perspective of the pre-settlement funding industry and, most importantly, to become a major asset to trial attorneys.
Q. When it comes to longevity, US Claims has it. I find it unique that an organization has what it takes to continue to offer financial services to personal injury victims, etc., for 25 years. My question to you is, how did your company continue to adapt?
For USClaims, continued success has come from our willingness to reassess how to make pre-settlement litigation funding simple, convenient, and transparent. Personal injury victims have enough stress from their injuries and the litigation process. We have not strayed from our mission, which is to eliminate the burden of medical bills and living expenses for personal injury victims so that they can meet their financial needs while their case progresses through the legal system. We have adapted over the last 25 years by scaling our staff to offer high-touch, personal points of contact for an optimal experience to those in need. We are continuously streamlining our process, so the clients receive the financial resources they need, which is typically within 24 hours of approval.
Q. What makes USClaims great? And how exactly does the company support injured plaintiffs and their attorneys?
I have the best job in the world, working with a team of dedicated, talented professionals who make it their personal mission to help clients. In addition to a strong team, we would not be a great company without our partners: Attorneys, Paralegals, and Case Managers. Plaintiffs love working with us because we award them the time to see their cases through to fruition. We are trusted in this space thanks to our reliability, turnaround time, and simple terms. We offer non-compounding rates with a 2x CAP on the funded amount, in-house attorney underwriters, and funding typically within 24 hours of approval. USClaims is paid only if the plaintiff’s claim is successful. If the case doesn’t win, they owe us nothing. It is for these reasons we are consistently voted one of the best litigation funding companies in the country.
Importantly, please help us understand how US Claims provides injured plaintiffs the means to pay bills and endure the often long and arduous litigation process.
Litigation financing works like this: a plaintiff with a personal injury and a pending lawsuit applies for an advance. One of our representatives at USClaims will review their request, discuss their case with the handling law firm and once we approve it, we’ll send a purchase agreement and forward the funds to the plaintiff, typically within 24 hours. Our funding can be used for personal expenses like housing, food, medical bills, tuition, and utilities. Unlike credit cards, personal loans, and other sources of financing there is no obligation on the plaintiff or their attorney to make any payments to USClaims, unless and until the proceeds from the litigation are received.
Q. Will your company be expanding, bringing on any new services that we should be aware of?
Yes, we are growing and expanding. We plan to double the number of clients that we help over the next three years. We are also adding regional team members in key geographic areas as it’s important for us to be in local markets where our attorneys are operating.
Q. What plans for transformation are you pursuing to remain relevant now and in the future?
Our mission is to make Litigation Funding Simplified® . To deliver on this promise, we have to continue to invest in our company and our people. We do this by setting clear and elevating goals and objectives and providing our team with the tools and resources necessary to evolve and adapt. Technology plays a critical role in our pursuit, and I can’t wait for the day when a plaintiff clicks a button requesting funding and we process their request in minutes. Having 25 years of history puts us in a unique place where we have ample data to drive automation, leverage AI technology to make us better, faster, and cheaper.
Steve Bashmakov | CEO
Steve Bashmakov became the CEO of USClaims in August 2020. Prior to this role, Steve was a CFO for USClaims and DRB Financial Solutions (a Blackstone portfolio company) since 2015. Steve credits his success to his team, his wife and his amazing mentors especially Dave Worrall.