Litigation

Lawyers Who Moonlight as Structured Settlement Experts

By John Darer

You have to love the "locker room" banter you're starting to hear from handful of lawyers who are moonlighting as structured settlement experts.  "Swinging  it around" 
to measure up as structured settlement experts by advertising the "size" of their experience as trial lawyers is one M.O. In my experience most lawyers will happily admit that they hire independent settlement consultants because they (lawyers) don't have the expertise, training, licensing or E&O in the area. It's a smart move. An oral surgeon may not be the best person to remove your balky gall bladder.

In this blog we've already skewered the use of absolutes such as "exclusive" and "unmatched". A few months ago I highlighted a structured settlement firm that had a pitiful credit score from Dun & Brad Street yet was still advertising "unmatched financial resources". That beleaguered firm has still not supplied proof to support its advertising claim.

So I come across the website of Structured Settlement Solutions, which is somehow related to the Fearer Nye and Chadwick law firm. On a structured settlement website these guys advertise over 50,000 injury victims and 3,000 trials yada yada yawn. An excessive number of "notches on your bedpost" doesn't necessarily mean you're a good lover. The number of litigated cases has little to do with what you can do for plaintiffs as settlement consultants. It's a whole different ball game.

Welcome to the field fellas... now get with the program! I don't see anything on the company website that the "lead structure consultant" holds any professional designations of relevance to the financial or settlement planning profession such as CLU, ChFC, CFP, CSSC, CASL or RSP.

The following appears in the FAQ on injurysettlementsolutions.com:

They Ask: "What are the advantages to using your company?

They claim: Our combination of personal injury law experience and structured settlement experience is unmatched in the industry".

Comment: Does the unmatched relate to personal injury law, structured settlement, both equally, or in combination. Lots of room for confusion and speculation for the consumer. Over reliant on its litigation experience, I'd submit that the firm has little experience in the structured settlement marketplace as a structured settlement producer or as a settlement planner. I haven't seen them at any industry meetings in the last 15 years or so.

They Ask: Given the volatility of the economy are structured settlements safe?

They Claim: History has shown that companies selling structured settlement products are extremely safe and secure. Although there is risk with every financial product, the risk to owners of these financial products is minimal.

Comment: Of course the owners of most structured settlements are qualified assignment companies not the plaintiffs who are structured settlement recipients, annuitants or payees.

They Ask: What states or jurisdictions does your company serve?

They Claim:  "We provide services to the entire United States and all jurisdictions".

Comment: Preliminary research shows that the "lead structure consultant" does not hold a life insurance license in Connecticut (where i reside), or in Texas where he is a member of the bar. There is no pro hac vice in selling insurance products like structured settlement annuities . You need a professional license! If you want to go to work with a "cash now pusher" you don't (for now).

P.S. The links page seems like it was bogarted from Structured Settlement Services. Same links, same order except  for Lawyers Weekly USA. Further these folks must be too busy "trying 50,000 cases" because the links page to the Association of Trial Lawyers of America. How many years ago did that organization change its name to American Association for Justice?

Full post as published by Structured Settlements 4Real on May 18, 2009 (boomark / email).