Placement of Accounts with Attorneys

Coastal's Philosophy on Selecting Attorneys.

Firstly, we look for the attorneys whose major area of expertise is creditors rights, that proceed in accordance to our client's philosophy. They report timely. We do not look for ambulance chasers. We look for Professionals. Secondly, we are not looking for volume approach attorneys. We demand and will not settle for less than complete effort, integrity, ethics, enthusiasm and nothing they do will cause embarrassment to their client. Yes, we said "your attorney." We choose the attorneys, but they are legally your company's attorneys.

Attorney Referral Process

Upon your prior approval, Coastal may forward accounts to attorneys who shall act as your company's attorney(s). If client does not designate the attorney to whom a particular account or accounts are to be forwarded, Coastal will be authorized and instructed as your agent to select an attorney for collection. The name and address of the attorney will be promptly furnished to your company. Coastal will direct, as a convenience and in accordance with instructions, all correspondence with those to whom accounts are forwarded. Such attorney shall, at all times, be subject to your control and direction. Coastal will not and cannot act as an attorney for any client . If suit is recommended by the attorney, you will be advised as to the requirements pertaining thereto. No suit shall be commenced; no compromise shall be effected; no extension of time for payment shall be granted; and no expense chargeable shall be incurred, without specific authorization. Recommendation for the filing of suit, proposed compromise, extension or any other matter requiring a decision by your company may be made directly to your company by the attorney if they desire. When your company authorizes suit or expense, your company will advance the necessary funds. In the event Coastal is authorized to advance costs, an invoice for the amount advanced shall be forwarded to your company for immediate payment. The fees and costs charged by attorneys vary from locale to locale. Any fees, charges or commissions of any attorney, whether chosen by your company or Coastal, are the sole responsibility of your company . The costs advanced to an attorney will be refunded if not used by the attorney or if received from a debtor. Fees charged by attorneys cannot be quoted.

Generally Accepted Commercial Attorney Rates

The contingent fees charged for a collection by an attorney are the generally accepted Commercial Law League rates. Those rates are:

20% for the first $300.00;
18% for the next $1,700.00 and
13% thereafter.

In the event suit is authorized, the attorney generally requests, in addition to the above commission, a contingent (upon collection) suit fee of up to 10%. From time to time, the attorney may request a portion of their suit fee in advance (a non-contingent suit fee).

Most attorneys we select are Commercial Law League of America members. All abide by the Operative Guide for Forwarding and Receiving; as adopted by The Commercial Law League of America.

One Million Dollar Bond Program on Attorneys Selected by Coastal

Attorneys that Coastal selects carry protection for your company of up to $1,000,000. The insurance program includes coverage against acts of larceny, embezzlement, fraudulent failure to make accounting or overcharge. This is not a malpractice program. This program covers claims in all 50 states and Canada, but, does not provide coverage on foreign attorneys or foreign claims, including Puerto Rico, Guam, and the Virgin Islands. The Bond Program is underwritten by Chubb Insurance.