Opening a new practice is expensive. Before you generate any fees, you have costs associated with incorporating, overhead, payroll and advertising. Counsel Financial can provide you with the financing and resources you need to launch your new firm.
Increasingly, plaintiffs’ firms need to advertise in order to obtain clients in this extremely competitive industry. Marketing is a substantial investment, but it is a necessary tool for any law practice. Counsel Financial provides you with the resources you need to successfully market your firm.
Filing fees, depositions, experts, travel and trial preparation are just some of the expenses plaintiffs’ firms must cover. A credit line from Counsel Financial provides your firm with access to the funds you need to obtain the best result for you and your client.
Timing of law firm fees can be unpredictable—resulting in significant peaks and valleys in your cash flow. Conversely, your overhead expenses need to be covered on a regular and consistent basis. A working capital line of credit from Counsel Financial provides your firm with cash flow stability during the valleys to ensure you can meet your firm’s obligations as they come due.
Increasing the size of your staff, the geographic area you serve and the number of clients you represent is challenging for a contingent-fee practice. Each new lawsuit you file as a result of your growth also increases the financial burden on your firm. A credit line from Counsel Financial provides your firm with the comfort of knowing you have the capital necessary to fund your expansion.
Advantages Over Other Lenders
Our four-year, flexible credit lines have given litigators across the country the financial power they need to avoid premature settlements and take on bigger cases. A line of credit can help with operations, improve the value of your existing portfolio of cases and enable your firm to enter into new litigation.
Unlike traditional bank loans, which limit credit lines to the value of your personal assets, Counsel Financial can offer your firm a line of credit based on the total value of your contingent-fee cases.
Key Features of Our Credit Lines
How We Compare
We have designed our credit lines to be straightforward, without the complex rates and hidden fees of other lenders. Compare how our terms stack up against the competition:
|Features||Counsel Financial||Other Lenders|
|Annual Maintenance Fees||None||0.5 - 2%|
|Loan Term||4 years||1 year|
|Balloon Payment||None||Standard with most banks|
|Ticking / Other Fees||None||Up to 7% per annum|
|Pre-Payment Penalty||None||10 - 15% with some specialty lenders|
|Draw Fees||None||Up to 2% with some specialty lenders|
|Use of Proceeds||Any law firm related expense||Case expenses only with some specialty lenders|