Law firm needed a cash boost to develop medical negligence casework
For some law firms, investing in high-value cases is a necessity, but it can also be a significant drain on cash flow if these cases take months or even years to complete. There can also be high up-front disbursement costs, especially for more complex, long-term litigation cases, where the average case completion time can be well over 12 months.
United Trust Bank was recently approached by a long-standing introducer with a proposal to help one of their clients to fund some substantial costs associated with the acquisition and associated disbursements of some clinical negligence cases.
The firm provides an array of legal services, but also happen to be a specialist in dealing with complex personal injury and medical negligence casework. This type of work can lead to short-term cash flow pressure, as it tends to result in substantial lock-up days meaning a firm’s traditional working capital facilities (such as a bank overdraft) become overburdened. Fortunately, UTB was able to assess the proposal swiftly and take some of the strain off their overdraft by offering a sizeable loan over a longer term to compensate for the average case-completion cycle.
Thanks to the detailed information provided by the introducer, the Professional Lending team was able to approve the facility and advance the funds within the required timeframe for the customer and we received positive feedback for our quick and comprehensive service.
Term: 24 months