Alternative Lawyer Finance You Can Rely On
Law firms may be able to obtain the money they require from traditional lenders like banks or the SBA because of their above-average revenue, strong cash flow, profitability, and modest margins and overhead costs. Even with these benefits, applying for a typical loan can take months, and there’s no assurance that it will be approved. You can miss out on important chances to develop and grow your practice during this waiting period.
Main Street Finance Group can approve more attorney funding than regular lenders because it is an alternative lender. Furthermore, we can authorize the payment for your attorney faster—funds can be deposited in as little as 24 hours. We provide a range of small business funding options, from $3,000 to $500,000, to assist you in growing your legal practice. Regardless of the size of the firm, we finance all legal specialties, including solo practitioners, small law firms, and large law firms.
Funding Rates for Law Firms
The exact kind of alternative small business funding you select will determine the costs for legal support. Instead of using a traditional interest rate, several alternative legal funding sources use a factor rate. Factor rates are simple decimal numbers that represent the additional amount based on your risk assessment that you will owe on the original loan.
Lawyer Finance Options
Our experienced fundraising consultants will work with you to choose the best funding solution that will support your objectives and protect the cash flow of your company.
Advances for Merchant Cash
We will deduct a portion of your credit card sales from your daily or weekly sales until the advance is fully repaid. You receive operating capital as needed.
Factoring invoices
Pay your outstanding bills with cash in front. The net amount will be sent to you right away, and after payment is received, the remaining invoice value (less our fee) will be sent to you.
Secured Loan
a secured loan that reduces risk by using commercial real estate. Once the loan is secured, you might be able to get better rates and fees on bigger sums.
Line of Credit for Businesses
Take out a flexible loan with no set repayment schedule. Take out and return money as needed, only having to pay interest on the amount borrowed.
How To Apply Funding For Attorneys
Alternative attorney funding has no restrictions on its application, giving you the freedom to fund unique growth projects that raise the potential revenue for your business, like:
- Purchasing new office supplies, such as computers or scanners, or implementing cutting-edge technology to improve productivity.
- improving your workspace through remodeling or improvements to give customers a more comfortable visit.
- bringing on specialists or more support personnel to help with cases or expand your practice’s legal offerings.
- acquiring a different company or growing your own.
- improving cybersecurity safeguards and making continuing training and education investments.
- Enhance your advertising and marketing campaigns to draw in more customers.
Sometimes, legal businesses need quick access to working money to handle certain issues unique to their sector, like:
- Prolonged durations of outstanding payments
- Situations that could impair cash flow
- Keeping up with the quick changes in technology
- All operational costs in a group practice are shared by all owners, whereas in a private practice, these costs are the lone owner’s responsibility.
How Funding for Law Firms Operates
Utilize
Give us safe access to the transactional data from your bank account, three months' worth of bank statements, and any other pertinent documentation to speed up approval.
Select Funding
Within an hour (during regular business hours), a Funding Advisor will get in touch with you to complete your application and go over your funding possibilities.
Obtain Money
Within a day of deciding whatever funding option is appropriate for your company, you and your funding advisor can authorize and deposit your funds.
Repayment
Depending on your sales volume, payments will be automatically withheld from the debit and credit card sales made by your company on a daily or weekly basis.
Are you eligible for legal funding?
The particular requirements for attorney financing differ based on the kind of assistance being applied for. Your credit score or financial history are not the only factors that determine your approval at Main Street Finance Group. We evaluate the general state of your practice, taking into account variables like:
- Revenue for businesses
- Money movement
- Payment history of the vendor
- Years in the industry
- Public Documents
Q&A for Business Line of Credit
Yes, a non-traditional financing is the best way to grow your legal business. Speak with one of our knowledgeable Funding Advisors to determine which course of action is best for you.
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Funding for a law practice can be obtained from traditional lenders such as the SBA or banks, as well as alternative lenders like Main Street Finance Group. Alternative lenders offer more flexible approval criteria, taking into account the overall health and potential of your business. Contact one of our Funding Advisors for further information.
Traditional lenders often take weeks or months to review and approve loan applications, and many applicants are declined. As an alternative lender, we have different approval criteria and can approve funding for “high-risk” industries. We can provide the funds you need for project expenses, operating costs, materials, and more, often within 24 hours.