Following extensive market research and feedback received from existing as well as prospective clients we have used our unrivalled knowledge and expertise to create Advantage, a straight forward low cost funding facility designed to release cash and facilitate business expansion.
What is Advantage?
Post –LASPO there is an ever increasing pressure on firms to analyse and understand the profitability of the work they undertake. It is imperative that they maximise the earnings per case whilst ensuring cash flow is sufficient to cover the front end costs of running and growing the firm.
That’s why we’ve devised Advantage.
Advantage is designed specifically to allow firms to utilise existing cases to enhance cash flow and achieve growth. The scheme enables solicitors to advance funding from liability admitted cases and removes the need for personal guarantees. Our goal is to assist firms to reach their potential quickly, but securely, without future financial burden.
The cost of funding for firm’s in today’s market is both costly and over burdensome which is both a reflection of previous funding lines in the market as well as the on-going uncertainty as to the profitability of firm’s going forward especially as the pre-LASPO case load runs off. Coupled with the on-going market changes and tactical handling of cases by Defendant’s firms are experiencing a slow down in cash flow which has a knock on effect on their ability to grow.
Funding is not necessary or attractive for every firm but Advantage provides a flexible and secure funding line on a case by case basis with a minimal commitment at the outset, there are no set up costs or hidden charges merely a low upfront payment which is offset against cases initially. The funding is limited to firms who focus primarily on RTA claims who are looking to grow and release the profit in case quickly to achieve the same. Each case should be viewed as a commodity with the firm seeking to maximise each ones financial benefit both in terms of earnings and profit as well as cash flow.
The ability to draw down on admission of liability releases funds to the firm prior to the payment of the Stage 1 costs by the Defendant’s on submission of the Stage 2 settlement pack.
There is no interest payable but instead a fixed £ 10 administration charge is payable on each draw down of £ 500 which is repayable after 9 months. Each cash advancement is insured ensuring that in the unlikely event that the case is unsuccessful the loan is repaid in full to the Funder. All cases, subject to the terms and conditions of the agreement, must have an Advantage After the Event insurance (ATE) in place at the outset of the case which provide comprehensive cover in relation to own disbursements as well as adverse costs.
Amberis will work with you to make sure the framework of both the funding and ATE schemes fits exactly with your firm’s requirements to ensure that your growth strategy is achieved. We are also able to provide a model of how the funding will work with some feedback from the firm in respect of case numbers, settlement profiles, average damages etc. This allows the firm to see, within certain parameters, how the funding will benefit the business.
Whatever the need, Advantage from Amberis offers Solicitors a real opportunity to recognise their potential without risking the liquidity of their business. Join Amberis and grow together.
For more information please contact Rory Wilson.