Cash Advance - Financing a Law Firm
Capital is essential for running a business. This holds true even for
law firms. It is important to understand the business to manage it
properly. Law Firms and Lawyers make common mistakes which include
incorrect calculation of the required amount of cash, getting the
wrong type of financing or failing to estimate the actual borrowing
to avoid all these mistakes, some key considerations are recommended
so that people analyze them before seeking finance.
Calculating whether the existing funds are adequate and finding a
way to manage the firm with the existing funds effectively. If there
is a true need for more working capital, only then external business
funding should be sought.
of the Need:
If there is a need for external financing, then one needs to go for
the type of financing based on whether it is a planned strategy or
The risks should be calculated when requesting for a type of
Most of the lenders will want to know the purpose for which the
funds are used.
of the firm:
Is the fund borrowed to manage everyday affairs or is it for
expanding the firm?
A business plan is very important as any lender would like to review
it to ensure that the request is in sync with the business plan.
It is the relation between the money borrowed and the money that is
invested in business. The more the money invested in business, the
more probability of obtaining external Finance.
Funding for Law Firms
and law firms must overcome many expenses while attempting to run a
successful practice. While some expenses are visible and some are
not, they are all necessary for the legal practice to grow. But when
the business becomes slow unexpectedly for few months, how can a law
firm survive through the tough times without dipping into one’s
is possible. Our MCA (Merchant Cash Advance) program is the best
solution to help your law firm get past the slow times or give a
boost to grow the legal practice at a very fast pace. When bank loan
take the time to get sanctioned and other alternative funding
solutions fail to work, our BCA (Business Cash Advance) program is
right here to help you during the critical times.
online application is simple and it will take only minutes to
complete the form. The approval is done with 24 or 48 hours. High NSF
(Non-Sufficient funds) and bad credit is not important. There is also
no need to provide business plans or wait for long as in traditional
cash advance can be used for almost anything like
Salaries (accounts for 65% of the gross revenue)
(accounts for 8-10% of the gross revenue)
(accounts for 6-7% of gross revenue)
the business to cater the various needs of the clients
technology revolution has given a new face to the law firms and law
firms have started investing in technology to become more effective.
Likewise, the services offered are also undergoing a lot of changes
due to the clients who demand extra expertise in some crucial areas
like industry-specific expertise, financial expertise, and much more.
To proceed with all these changes, a cash reserve is needed by small
business for long term and short term.
Advance for Law Firms with Bad Credit
is a lot of consolidation happening in the market. Even big law firms
have ceased their operations in the past few years. There are other
law firms who are still struggling with financial difficulty. This is
due to the rise in the cost and plummeting profits. Eventually, this
leads to law firm failure. It is also difficult to get bank loans
with bad credit.
is where the Bank Loan Alternatives like Business Cash Advance comes
for help. Depending on the cash flow in the business bank account,
law firms can sell projected future revenue and get instant funding
from us. Though this funding is slightly on the expensive side, the
financing is very quick and there will be no questions asked on your
bad credit or profitability.
Additional Financing is Never a Problem
a law firm has already borrowed cash advance from a lender but still
want additional financing for running or expanding the business, then
they may be in a tough situation. In that case, they might want to
search for a lender who is willing to lend and take the 2nd
position. There are only a few lenders in the market who are ready to
Position, 3rd Position, 4th and even 5th Position business cash
advances. As the risk is more for lenders who put themselves in a
position where they are left with nothing if the borrower defaults,
the interest rates are higher than the first position cash advance.
Our company offers 1st Position, 2nd Position, 3rd Position, 4th and
5th Position without any special conditions.
the law firm has been in business for a minimum of six months, we
approve cash advance for those in need.