The most reputable medical agencies offer a life-line to clinical negligence litigation firms through extended credit lines for cases but what happens when this extended credit expires and fees are due?
It’s well known that the most common source of finance for clinical negligence law firms, outside traditional banking lines, is the extended credit offered by medical agencies. The most reputable medical agencies offer a life-line to clinical negligence litigation firms through extended credit lines for cases, often in the form of between 2-3 years of credit.
Medical agencies come in all shapes, sizes and specialisms and, now more so than ever, can’t offer limitless funding. Eventually, bills need to be paid. If your law firm is out of time on a credit arrangement with a medical reporting agency but the case is still ongoing, there are options – to sustain good relations with your medical reporting agency AND protect cashflow.
Protecting each other
“In these most challenging of times, law firms are finding it tricky to juggle all the costs they need to bear to remain efficient, well-managed, accessible and profitable. Neither medical agencies nor law firms wish to see each other struggle in these times, or dip into cash flow when disbursement fees are due,” suggests Steve Uittermark, Senior Relationship Manager at SpectraLegal Finance.
Funding disbursements is a drain on cashflow, and in these times, reserves are low.
SpectraLegal Finance is already working with medical agencies to support their cashflow and are happy to speak to others to help. We’re delighted to help these agencies to continue to support their clients, to avoid adding additional pressure on litigation firms’ cashflow.
Funding support for law firms
If your law firm is needing additional support there are options to consider.
SpectraLegal Finance’s Equity Release+ is an innovative solution for extraordinary times, to help unlock the potential of a law firm’s balance sheet.
“This kind of funding from SpectraLegal Finance could really help law firms. It takes the pressure off cash flow – and business relationships – at a time when added strain just isn’t wanted,” adds Matthew Gwynne, SpectraLegal Finance.
OUR EQUITY RELEASE (ER+) FUNDING PRODUCT
Our ER+ product is an ideal solution for extraordinary times. It’s the key to unlocking your balance sheet.
The SpectraLegal Finance Equity Release (ER+) product helps ease the disbursement expenditure burden of the law firm.
If your traditional forms of finance aren’t giving you the cashflow you need, speak to us today about our Equity Release+ product.
ER+ OFFERS LAW FIRMS:
- A facility that is able to grow as the firm grows.
- The firm is able to monetise assets that are traditionally locked up for many years.
- Gives the firm the power to negotiate better terms with suppliers.
- Cash is freed up for marketing services and investment in client files to maximise the value of their claims.
- Financial leverage enables partners to conserve cash while generating a higher PEP.
To talk about our ER+ product or other solutions, please contact Matthew Gwynne today.