Law Offices and Legal Services
Independent and affiliated law offices and legal services form the core interaction that most consumers have with the legal profession. Whether focused on a specific area, such as criminal or corporate law, divorce law, or class action litigation, most people will interact with an attorney or legal services professional at some point in their lives.
These businesses face strong headwinds, however, in the US economy, including fierce competition for top talent, increasing expenses outpacing increasing revenues, and an ultimate trend toward consolidation, mergers, and acquisitions of multiple firms into larger mega-firms. These trends are likely to continue in the near term.
Loans for Law Offices and Legal Services Businesses
Given the above trends in the law office and legal services industries, it’s not surprising that many businesses in these sectors are in need of access to capital.
The irregular nature of billing and receivables for many law firms and legal services businesses make cash flow challenging enough to begin with.
Add to that capital outlay for mergers and acquisitions, research, technology, and personnel investments, many times in advance of winning any kind of awards or receiving compensation, and the funding demands are plain to see.
Access to sufficient funding is critical for the success or failure of cases and lawsuits, and critical for the ultimate solvency or success of the business.
Loan products from BizFly Funding are well-suited to law offices and legal services businesses, ranging from flexible lines of credit to various unsecured loans that provide fast funds at affordable prices.
Typical Uses of Law Office and Legal Service Sector Loans
As with most sectors of business, there can be a wide variety of uses for loans and funding in the law office and legal services field. These may vary considerably from firm to firm.
However, the most common uses, as reported by our clients, include:
Growing your client base through focused marketing programs can be a key to financial success. It also can cost a great deal – funding you may not have sitting in your bank account.
Rather than wait for a big payday on a case taken on contingency or retainer, a loan or line of credit from BizFly Funding can allow you to advertise through whatever channels you see fit, and pay for your marketing efforts, reaping the rewards of expanded business and a larger client base, and thus greater revenue.
Making payroll, especially if you have multiple attorneys or staff at your firm or business, can be a challenge, especially when working on major cases.
Additionally, outside staff such as private investigators, subject matter experts, and so on can put a strain on your payroll and consulting payroll accounts.
To help smooth your cash flow and provide a buffer in the leaner times, or when working on a big case, a short term unsecured loan may be just what you need.
As with the above discussion of payroll, staff expenses make up the largest single line item category for many law offices and legal services firms. As competition for talent continues to increase, the need to pay competitive wages to retain top staff also increases.
Manage your cash flow more easily, and be able to hire the people you want, who are well worth the money, with a loan product or line of credit from BizFly Funding.
Finally, expansion continues to play a dominant role in the business trends surrounding law offices and legal services. As mentioned earlier, consolidation, mergers, and acquisitions are a common way in which strong, sound, and successful firms are expanding their business reach and market presence.
Of course, to successfully execute an M&A, consolidation, or other expansion, significant funding is required. Gain greater leverage and make your expansion efforts more successful with funds from BizFly Funding.
Benefits of Choosing BizFly Funding for Your Loan
BizFly Funding exclusively deals in funding for small businesses. We work with businesses to select and deploy the best products to meet their needs – even if they have poor credit or a limited credit history.
We know that access to capital can make all the difference in whether or not your business succeeds, grows, and ultimately reaches its full potential.
We’re proud to partner with small businesses in the law offices and legal services sectors, and hope you’ll consider BizFly Funding for all of your business financing needs. We promise you won’t object to our loan options!