Barristers will be able to offer clients “payment plans” to help them fund cases following a Bar Council agreement with an independent fund lender.
The Bar Council announced this week that it has struck a partnership agreement with Legal Cost Finance (LCF), a provider of third party credit that was founded in 2013 by Australian solicitor Dr Yuri Rapoport. The financing is provided by UK financial institutions, all of which are licensed under the Consumer Credit Act 1974 and/or the Financial Services and Markets Act 2000.
According to the Bar Council, the key benefits for its members are: the ability to secure more instructions from clients by offering convenient and affordable payment solutions; access to a convenient billing system that helps clients settle outstanding invoices; and a guarantee of available funds to cover clients’ future legal costs.
The financing is not restricted to any particular type of legal matter or tied to the chances of success, and is available for all types of legal costs.
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