New research has shown that 94% of the larger UK law firms have seen delays in clients settling their bills since Covid hit.
The Legal Cash Flow report was based on responses from 800 finance execs and managing partners at law firms about the effects of the pandemic on their cashflow.
Delays in clients settling bills
Almost 50% had had seen an increase in having to write off bills up to 60% with another 15% seeing an increase of more than 60%.
Reasons given were legal firms supporting clients with extended payment terms whilst there was uncertainty.
Tower Street Finance has options for funding for people who are struggling to pay legal expenses which could help law firms avoid this problem.
Two unique products to unlock estates
Estate Expense Funding is available to executors dealing with testamentary expenses which may need to be paid before the estate proceeds are released. These could include funeral costs, professional fees, property maintenance, house clearance or sale costs. Our product gives them a draw down facility in conjunction with their solicitor to pay these expenses and then the funding is repaid once the estate is settled.
Inheritance Dispute Funding allows beneficiaries to dispute an inheritance in cases where the solicitor feels there is a good chance of winning the case. Again the funding is settled once the estate proceeds are paid.
Partnering with Tower Street Finance is not an onerous process – we don’t ask you to sell our products, just send on a few simple details which you would collect anyway.
For more information visit our partnering with us section or call on 0343 504 7100.