Here’s a rundown of the process.
1. Establish the mass tort QSF
Milestone establishes the master qualified settlement fund for your law firm and any additional accounts needed. We will handle all the paperwork, including court filings, tax filings, administration, opening the bank account, purchasing checks, and more.
2. Funding instructions
One of the most important steps in the process is ensuring the correct language is added to the Master Settlement Agreement. This language will release the funds to your QSF. This is typically done through a payee line in the settlement or release agreement. We will provide sample language for you to use in order to ensure funds are paid directly into the QSF. Your law firm will need to provide these instructions to the defendant.
3. Settle cases into the QSF
Utilizing a mass tort QSF with Milestone is the most sophisticated approach to settlement, as it allows for stronger coordination and planning before the funds are constructively received by you and your clients. When you settle cases into your QSF, Milestone acts as an extension of your firm, helping your accounting team organize client data and properly coordinate all aspects of distribution.
4. Settlement planning
While the settlement funds are held within the QSF, you and your clients have time to plan past the end of litigation. You can also consider attorney fee deferral. Your clients can work with our settlement experts to preserve government benefits and strategize their future financial security. With Milestone as your partner at settlement, you can smooth out the entire planning process.
5. Additional Distribution
Milestone serves as an entire back office to ensure all claims are paid accurately and promptly. We provide accounting breakdowns of all previous payments to referral, local, dual, and co-counsel attorneys, and we field inquiries regarding additional fee payments and holdbacks. Payments can be made via checks, ACH, wire, or digital disbursement. Throughout the process, our team provides full transparency into account balances and available transaction history.