With the services market in the UK going from strength to strength many Legal firms are looking at how they will capitalise on the opportunities within their sector whilst maintaining their crucial working capital facilities that support fee growth.
One of our specialised professional lending brokers brought such a case to United Trust Bank. The firm had weathered the economic and regulatory changes over the past 2 years and had started to predict strong fee growth. The partners were committed to developing these additional areas of income and after two strong quarters they soon realised that an increase in billings, without a reduction in their debtor days, would soon mean that the firm, in the short term at least, would spend more cash than they were generating.
At UTB we understand what impact growth can have on any professional firm’s cash flow and after a brief review of their current financial information we were able to provide the legal firm with an additional £300k of working capital to support them through their next VAT cycle. This will enable the partners to maintain their focus on their key business objectives of fee growth, knowing they have the support of a specialised professions lender behind them.
Customer : Top 200 legal firm
Specialism. : Commercial Law
Loan Advance : £300,000