VFS Legal Funding
21-23 Elmfield Road,
Bromley, Kent BR1 1LT
VFS Legal Funding is the leading funding provider to the legal sector. With nearly a decade’s worth of experience lending to law firms, we pride ourselves on building long lasting and effective relationships – tailoring our products to the law firms’ specific needs whilst providing the financial resources to assist expanding the business in other departments.
A strong cash flow and financial stability gives the law firm the upper hand in bill negotiations, increasing the profitability on the case by removing the need to accept low settlement offers.
In the 9 years we have been active, VFS have provided in excess of £150m across 60 law firms releasing the monies locked up in the draft bills; disbursements; court fees and WIP.
Funds can be used for any purpose and our regulatory compliant documentation, low interest-only payments and repayment aligned to the individual case all ensure a smooth cash flow.
We are very proud to say once a firm uses our facility, they continue to do so going forwards as it gives them the freedom to achieve their goals.
Disbursement Funding Facility
Our Disbursement Funding Facility can be used to fund disbursements and issue fees on individual files releasing cash tied up in disbursements incurred. Up to 100% of disbursements incurred on individual cases can be funded with funds being repaid on natural conclusion of the case.
Costs Advance Funding
When a case has been won, and a bill of costs served, VFS can advance funds against the settlement of the expected costs directly to the firm’s account. This provides an immediate cash boost to the firm and allows negotiation of a better settlement, never having to accept a lower offer to get cash in. This is repaid upon the agreed costs being received.
High Costs Case Funding
For higher value cases where there is an admission of liability, this facility is perfect for Brain Injury Group members. VFS can release part of the WIP already incurred and disbursements to date, upon review of the file. This can aid cashflow and further funds are available as more WIP and disbursements are incurred, with the funding facility being incurred upon natural conclusion of the case.
How much does it cost?
There is a one-off fee to put the initial facility in place, with each drawdown incurring an additional small fee and a competitive rate of interest.
Our facilities are centred around assisting cash flow for law firms, right through to the conclusion of the case, which allows law firms to better predict their cash flow in the difficult months ahead. The complex nature of the work many network members undertake means payment is often received many years from the start of case. VFS can assist and help with cash flow and are delighted to be able to assist Brain Injury Group members.
Please feel free to give Rick Gregory a call on 07789 686 523 for an informal chat to discuss approaches on how to improve your firm’s cashflow.
An introduction to disbursement and costs advance funding webinar
As part of Brain Injury Group’s online training webinar series VFS Legal Funding produced a webinar on disbursement and costs advance funding. You can see the webinar in full below.
(For the best user experience when watching this webinar we recommend watching full screen and with the Quality set to 1080p HD – the full screen button and the Quality control (the little cog icon) are both at the bottom of the webinar window when you start watching.)