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Law Firm Financing in a Crisis

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In these exceptional times law firms are looking for help and guidance to decide on their strategy in dealing with the crisis. I have received several calls from Law firms looking for advice and funding options because their bank are not being co-operative despite the Governments support.

if you need help with advice on planning or emergency funding then please contact me.

Costs Advance Funding:

This solution releases cash against your issued draft bills; interest is payable monthly and the deals are repaid on a case by case basis as the settlement is received. Aside from an immediate release of cash to the law firm to use the funds as it needs, a proven benefit is that many firms are now seeing the actual settlement levels increase due to not being as reliant on receiving the payment immediately.

A line of credit based on receivables management  (a type of invoice discounting) could also be a useful source of funding. An advance of a percentage of bills within a rolling credit facility could release cash into the business now.

High-Cost Case Funding:

Instead of waiting for a case conclusion and a draft bill, we will advance funds against a case where liability has been admitted but it is not yet in a position to settle. We will generally advance up to 80% of the estimated WIP and Dibs at the point of drawdown with further funding as the case progresses. 

Disbursement Case Funding:

The facility can fund disbursements on an individual case basis and release the cash you have tied up in disbursements. Most types of case can be considered, provided an ATE policy is in place which covers the disbursements.

I have spoken with several funders who are ready to help.

Finally, if you are looking for advice on the future of your practice then there may be a solution for you. I have a specific buyer looking for conveyancing firms or teams and are willing to have Zoom/Skype meetings now and prepared to enter negotiations.

Whatever the issue you are facing please contact me and let's see if we can find a solution together.

please contact us via: enquiries@symphonylegal.com