We work closely with VFS Legal Funding who provide bespoke funding facilities to the legal sector, namely their Costs Advance Facility (CAF) and Disbursement Funding Facility (DFF).
The Costs Advance Facility is designed to provide an immediate cash advance against the costs drawn providing a healthy cash flow benefit. The funds can be used for whatever benefit and repayment is not due until costs are settled.
The Disbursement Funding Facility is designed to fund the majority of the external disbursements incurred whilst running a case. It is designed for the law firm, not the client, and requires no open ended consumer loan documents or for your client to have the uncertainty of what the cost will be and the open ended deduction from any settlement of interest costs incurred, administration fees and any excess ATE premium that covered the interest in case of loss. With VFS your client just signs a simple consent form.
Across both of these products the interest charged by VFS is extremely competitive and is paid monthly by the law firm only on the amounts that are drawn.