Unlike traditional loans and overdraft facilities that need to be repaid relatively quickly, Burcher Jennings have introduced a ‘funding for growth’ scheme, where firms are offered a revolving evergreen facility that should increase in size as the firm grows. This funding project is believed to be the first of its kind in the UK legal industry.
This new funding initiative is in response to strong demand from the sector, and seeks to fills the gap in the market for this type of borrowing.
With payday loans and other short term lenders coming under fire recently, this scheme is focused on ensuring the individual needs of law firms are recognised and that access to capital is available at the pace at which they grow.
Burcher Jennings now provides services centred on the critical areas of pricing, costs and funding, areas which are at the heart of every law firm.
Martyn Jennings, Chief Executive of Burcher Jennings, said: “The objective behind this new initiative is to help counter the several long-standing structural challenges law firms face.”
“Our scheme aims to achieve, namely, a funding facility that can keep on growing.”
A spokesperson for the risk capital provider were quoted as being “delighted to be working with Burcher Jennings” and that “firms are already showing considerable interest in using the scheme.”
