Business Financing For Ohio Based Law Firms
The future outlook for the legal professional remains optimistic. The median salary for attorneys in 2015 was $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 is not because of their tireless ability to debate the law. Stats show that the vast majority take a hard route to success. About 65% of all attorneys in the US and Puerto Rico practice law either solo or in a firm of 2-5 lawyers. This is financially challenging for any business, but especially for attorneys who graduate with an average of $140,000 in debt. Overcoming this financial obstacle is crucial.
Besides perseverance, attorneys require access to working capital to become a successful legal professional. Luckily, flexible business funding from Greenbox Capital is available to help meet the complex financial circumstances attorneys face. Banks are just simply not equipped to evaluate the risk of an attorney whose cash flow is tied up in contingency cases that may or may not bring a reward. Forget lenders who evaluate case portfolios and possible legal winnings. They charge an incredible fee and can take months for approval.
Boost your winning spirit with an alternative financing solution from Greenbox Capital. We specialize in fast access to small-business lending solutions for attorneys. Lawyers may be surprised to know that they can get approved based on their revenue for just the past 3 months. You simply need to have had revenue of $7,500 a month or more for the past 3 months. Our financing criteria is especially good news to attorneys who are just starting their practice. Minimum time in business is just half a year. Personal credit and lack of collateral will not be an obstacle for you, nor the amount of debt you have.
With a merchant cash advance¹ or small-business loan² from Greenbox Capital, attorney’s have the chance for success on their own or in partnership with like-minded lawyers. Opportunities right now are abound in e-lawyering. The availability of digital marketing and new cloud-based services make it possible for attorneys to build a practice offering unbundled or limited services online. Take for example, a merchant cash advance from Greenbox Capital fits well with the e-lawyer business model, which usually accepts credit cards. Short term loans with fixed payments is suited for the attorney who wants the stability of fixed payment over a set amount of time.
Take Your Ohio Legal Practice to the Next Level
Furthermore, attorneys who work off of retainers know full well that small business or non-business clients do not have that cash on hand to pay these retainers up front. This predicament forces the firm to accept credit cards as payment. Then, once the retainer runs out, if additional payment is needed, many attorneys are left with no choice but to allow installment payments or drop the case. Ending a service is not a good recipe for success, but then again nor is offering financing or credit terms to clients when you’re a struggling business owner yourself. This is another scenario where a fast and easy approval for business financing with Greenbox Capital is critical to the success of your small law firm. When you have access to working capital, you will be able to keep your cash flow in the black until your firm makes it to the next level. In fact, this is how you get to the next level.
Small firms or solo attorneys that accept credit cards can obtain up to $250,000 in a cash deposit in as little as 24 hours with a Merchant Cash Advance (MCA) from Greenbox Capital. Often referred to as “credit card receivable funding”, an MCA is the purchase of future sales. Payback is completely automated and most law firm owners say they don’t “feel” the repayment at all. Typically, a business may get approved for a cash advance that is equal to either 70% or 100% of their monthly revenue.
Solo Attorneys and Small Ohio Law Firms Require Working Capital
If you are an attorney who joined a large firm because you believed that was your only option, think again. Funding for a solo practice or small legal partnership is easily accessible through Greenbox Capital. More good news, we have zero restrictions as to how you use the cash advance. Payback options are also convenient and automated. They are designed to fit into your business operations and requires next to no administrative work from you.
For payback, you can choose between Split-Funding or Automated Clearing House (ACH) payback methods. Fixed ACH payments are deducted directly from the business’s bank account with your choice of daily or weekly. This is perfect for the attorney who keeps a close eye on the cash flow. Knowing exactly how much is due helps business owners manage cash flow. Once you have paid back half of the cash advance, Greenbox Capital may renew the advance for you, as well as increase the amount of cash available to you. If you qualify for a Business Line of Credit you could be eligible to renew without first paying back half of the advanced amount. This keeps cash ready for fast access, as you need it!
Accompanied with a line of credit, our other programs include our Early Pay-Off 30, 60, or even 90 days from the date of funding to receive a discount. For every thirty days that the advance is paid off early, you can receive a rate deduction on the loan. Our Escrow Program which enables you to receive funding prior to paying off existing cash advance with another lender. A 3 Stip Business Cash Advance only requires a voided check, a copy of your driver’s license, and a verification of a bank account via screen share or decision logic. It is possible to receive up to $30,000 through this 3 Stip Business Cash Advance 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.