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Designed in close association with its existing Solicitor "clients", Solicitors Practice Funding was introduced to provide a flexible practice based alternative to the Bank's overwhelmingly successful Client based lending products.
Offering a flexible package to provide funding for both disbursements and Work In Progress, Solicitors Practice Funding can be used for almost any area of legal practice. Enquiries from interested firms show how adaptable this product is - currently being used and developed for Personal Injury, Criminal Legal Aid, Conveyancing (including short term bridging), Matrimonial, Debt Recovery and Probate.
Since a conditional fee agreement is not a requirement the breadth of the product's possible application just keeps growing.
The features and benefits of Solicitors Practice Funding are many and include:
- Draw downs may be made for Work In Progress (up to 70% of time recorded) and/or disbursements (100%).
- No non utilisation fees.
- Interest at only 2.5% – 3.5% over base calculated from day to day and payable monthly by DD.
- Minimal ongoing reporting requirements.
- No compulsory ATE or BTE insurance.
- The Facility will be tailored to immediate requirements and increased with the Practice’s needs thus keeping the arrangement fee (1.5% of the initial facility limit and thereafter of increases) to a minimum.
- Draw downs tailored to the Practice’s individual requirements.
- Contentious matters need not necessarily be subject to a CFA.
- The facility will be managed via a secure internet interface called HELIX which will provide management information, draw downs and repayments to be organised 24/7.
- Facility drawn down by reference to Identified Matters and repaid when Matter concluded or at the expiration of 2 years.
- General forms of covenant and specific financial covenants will be entered into but tailored to the requirements of the Practice– accounting information will be required.
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