“They’ve analysed the market and identified the lifeblood of every business – cash flow. By working with Novitas Loans they have put together an innovative and cost effective solution for law firms throughout the country.”
Just Costs Solicitors, working in partnership with Novitas Loans, is committed to easing the cash flow pressure on law firms.
Firms are increasingly finding themselves under pressure as, even though they are fundamentally profitable, they are not turning unbilled WIP and debtors into cash quickly enough.
With nearly 40 clients signed up and over £11 million loaned to date, the products below have been designed to help expedite cash flow with simple administration and fast payment.
Costs Advance Scheme
With it often taking many weeks and months to settle claims for cost, our Costs Advance facility allows firms to draw down up to 70% of their likely recoverable costs once the case has concluded.
This ensures there is a steady flow of cash throughout the business and that any pressure to settle the case earlier is relieved. The system is extremely user friendly with firms having access to their advanced funds within 48 hours. No Personal Guarantees are required.
Whilst cases are being run they can instantly come to a stalemate with considerable sums of money being tied up in WIP, which can impact on the money available to help fund growth within the business.
Our WIP Funding facility advances law firms a fixed sum per case so that the unbilled WIP can be turned into working capital to be used for whatever the firm wishes, whether it is to pay disbursements, court fees or even day-to-day expenses of the business.
For our Industrial Disease/Deafness clients, we are also able to offer a Case Acquisition product – please get in touch if you would like to hear more about this scheme.
Other Funding Facilities Available:
- Clinical Negligence Disbursement Funding
- Budget Funding
- Case Acquisition Funding
- NEW Court Fees Funding (Coming Soon)
These facilities are helping to improve the lifeblood of law firms throughout the UK - cash flow.
For more information on all of the above products, please get in touch with Just Costs Solicitors on 0161 359 4666 and ask to speak to someone in our Business Development Team today.
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