How Factoring Can Help Legal Firms Survive And ThriveEstablishing a law firm is a business, too, if you didn’t know it. There is an office to maintain, personnel and utility bills to pay, and other financial obligations to fulfill. Law firms, especially those who handle pro bono cases, have difficulty getting paid for the legal services they have already rendered. That said, a law firm can have a short supply of cash flow just like any other business. Contrary to popular belief, not all legal firms find applying for a bank loan convenient since they are well aware of the long waiting period it takes to have a loan approved.
How Factoring Works
This is why law firms consider factoring a suitable alternative. Factoring does away with the stress that accompanies the long wait for clients to pay legal services to enable lawyers to meet their financial obligations, especially tax remittances, as a business. Factoring is ideal for law firms that are small to medium scale who want their cash flow to increase without the hassles of accruing debt.
Because whether you believe it or not, law firms want a stable and rock-solid bottom line when it comes to business, especially their own. Lawyers know how factoring companies operate: they purchase the invoices of a business based on the creditworthiness of the business’ clients and its average monthly volume of invoices. If you’re starting a law firm, or already have one but are having cash flow management issues, factoring provides:
- • Fast processing of immediate cash advance on invoices which have already been approved.
- • No accrued or increase in debts.
- • There is no loss of operational control on the part of the company being factored.
- • No long period of waiting for approval.
- • Terms are flexible regarding what invoices are funded and which clients are factored.
- • Collection of payments is done by the factoring money as well as following up factored invoices.
- • Increase in credit line as sales revenue grows.
- • Improvement of cash flow.
- • No fees for application, processing, termination, audit or filing.
NeeBo Capital’s Proven Track Record of Impeccable Service
Perhaps more than any other professional group, legal firms make it a certainty to engage only the services of a reputable factoring company like NeeBo Capital. With a proven track record of impeccable service to a worldwide network of business and industry clients, NeeBo Capital provides:
- • Factoring (non-recourse, government, export, recourse, medical, freight, traditional, and spot).
- • Trade finance (purchase order, supply chain, commodities, contract, and forfeiting).
- • Asset-based lending (real estate, inventory, A/R, and equipment).
- • Other lending options (merchant card services, payables restructuring, credit insurance, franchise financing, merchant cash advance, and equipment leasing).
Whether your business is a law firm that needs startup or expansion capital or even just a short-term period cash flow, find out how our services can help legal firms survive and thrive as a business.
Why Choose Us?
Rates at 0.59% - 1.5% for 30 days
Quick Link to Financial Resources:
|Purchase Order Financing||Accounts Receivable Financing||Asset Based Lending Options|
General Articles about Accounts Receivable Financing and Factoring:
» 08/01/2012 Debt Financing or Off Balance Sheet Financing?
» 09/15/2011 What to know when selecting a Factoring Company