Business Financing for Georgia Based Law Firms
The future outlook for Georgia legal professionals remains optimistic. The average salary for attorneys in 2015 was at $115,820; and by 2024, the number of jobs is expected to increase around 6% (according to the Bureau of Labor Statistics. Attorneys are dogged, and it’s not because they work so hard with their tireless ability to debate and interpret the law, stats show that most take a hard route to success. Almost three quarters of all lawyers in the US practice law with a small firm of 2 to 5 others, or all on their own. This is financially challenging for anyone, but especially for those who graduate with an average of $140k in loans and debt. Overcoming this financial obstacle is crucial.
Other than perseverance, attorneys require access to working capital to become successful. Luckily, flexible business funding from Greenbox Capital is available to help attorneys in their complex financial situations. Banks and traditional lenders are simply not equipped to evaluate the risk of an attorney whose cash flow is caught up in cases that may or may not bring rewards. Ignore lenders who evaluate case portfolios and legal wins, they charge ludicrous fees and can take months for approval and financing!
Give our winning spirit a boost with an alternate finance solution from Greenbox Capital. We specialize in fast business lending solutions for attorneys in Georgia. Lawyers may be surprised to know that they can get approved based on just three months of past revenue. All you need is to have made $7,500 a month for the past three months. Our financing criteria is especially good news to attorneys who are just starting up their practices and are in debt. You or your firm must also have been in business for a minimum of six months. Personal credit and debt, as well as a lack of collateral, will not be an obstacle for you.
With a merchant cash advance¹ or small-business loan² from Greenbox Capital, lawyers’ have the chance to be successful in their own firm or in a partnership with like-minded attorneys. Opportunities are also right around the corner with the rise of e-lawyering. The availability of digital marketing and new “cloud-based” services can make it possible for attorneys to build a practice offering many services online. Our Merchant Cash Advance from Greenbox Capital fits well with the e-layer model, which is driven primarily on credit cards. Short-term loans with fixed payments is perfect for any attorney who the stability of fixed payments over a set amount of time.
Take Your Georgia Legal Practice to the Next Level
Georgia based lawyers who work off retainer know that small business or non-business clients usually do not have that cash on hand to pay these retainers up front. This predicament forces firms to accept credit cards as payment. Then when retainer runs out, and additional payment is needed, many attorneys are left with no choice but to allow installment payments, or they must drop the case. Ending a service is never a good recipe for success; then again nor is offering financing to clients when you’re also a struggling business owner. This is another scenario where a fast and easy approval for a cash infusion from Greenbox Capital is pivotal to the success of your law firm. When you have access to working capital, you will be able to keep your cash flow in the black until your firm succeeds to the next level. In fact, this is how you get there.
Solo attorneys and small firms in Georgia that do accept credit cards can obtain up to $250,000 in cash in as little as 24 hours with a Merchant Cash Advance (aka MCA) from Greenbox Capital. Often known as “credit card receivable funding”, MCA’s are the purchase of your future sales. Payback is completely automated, and most firm owners say they never “feel” the repayment. Normally, a firm will get approved for a cash advance that is either 70% or 100% of their monthly revenue.
Small Georgia Law Firms & Solo Attorneys Require Working Capital
If you are an attorney who joined into a large firm because you believed this was your only option, guess again. Funding for solo practices and small legal partnerships is easy and accessible through Greenbox Capital. More good news is that we have absolutely no restrictions on how you use the cash. Payback options are also convenient and automated. They are designed to be seamlessly integrated into your business operations and requires next to no admin work from you.
When paying back the advance, you can choose between Split-Funding or Automated Clearing House (ACH) methods. Fixed ACH payments are deducted straight from the firm’s bank account either daily, or weekly. This is preferred for attorneys who keep a close eye on the cash flow; knowing exactly how much is due helps business owners manage the cash flow. Once you have paid back 50% of the advance, Greenbox Capital can renew the advance, as well as increase the amount that is available. If you qualify for a Business Line of Credit you could be eligible to renew without having to pay back half of the loan. This keeps cash ready for fast access, whenever you need it!
Along with a line of credit, our other programs include our Early Pay-Off 30, 60, or also 90 days from the date of funding to receive a reduction in the rate. For every 30 days that the loan is paid off early, you receive a discount on the amount loaned. Our Escrow Program allows you to receive a cash advance prior to you paying off exiting cash advances with a different lender. A 3 Stip Business Cass Advance only requires a voided check, a copy of your driver’s license, and proof of a bank account. You can then receive up to $30,000 in this program.
¹ Greenbox Capital Merchant Cash Advances may not be available in all regions of the United States or Canada.
² Greenbox Capital Small Business Loans may not be available in all regions of the United States or Canada.
For a free consultation, please complete our application or contact our Merchant Account Service Team.