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A forensic approach to law firm finance

Show your practices the same care you devote to your clients, warns Matthew Gwynne

7 February 2017

SpectraLegal has been operating in England and Wales since the autumn of 2015 and in that time we have had detailed discussions with well over 100 law firms about their litigation financing arrangements. The most startling discovery during has been a failure to read the small print of the deals they have done with non-bank finance providers.

Ordinarily, lawyers are extremely strong at considering the details of contracts, so we have been surprised at how many are opening themselves up to possible regulatory and bank breaches.

Costs account funding has become increasingly popular with firms, allowing them to receive advances against their costs and disbursements once cases have settled. This releases cash for the business without having to compromise on cost negotiations, thereby increasing profitability.

It works well in our experience,...

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