A 15-attorney law firm operated on a contingency and hourly fee basis. While it had a strong outlook for contingency cases, the costs incurred to work...

1. Credit Risk Services
www.cbiz.com/creditrisk
Knowledge,
Relationships &
Expertise to Address
Your Credit Needs
Connections Help Law Practice Efficiently
Obtain $5 Million Line of Credit
Issue
A 15-attorney law firm operated on a contingency and hourly fee basis. While it had a
strong outlook for contingency cases, the costs incurred to work on those cases, as
well as for its work defending insurance companies strained its cash flows. The firm
had borrowed funds from a lender that specialized in law firm finance in the past, but
this lender did not offer a line of credit product.
Solution
We reviewed the law firm’s financial position and cash flow needs to identify the credit
amount and terms that would allow it to continue operations while waiting on the
results of its contingency practice. CBIZ contacted potential lenders and connected
the firm with a funder who was willing to provide the line of credit it needed under the
terms and conditions that worked for both parties.
Outcome
Working with our credit risk practice, the law firm obtained a $5 million line of credit
less than six weeks after starting its search for a lender. The expediency in securing
the line of credit allowed for the continuation of its operation with minimal disruption to
its day-to-day activities.
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Industry: Professional Services
Entity Type: LLC
Geographic Footprint: Philadelphia, PA
Annual Revenue $2.6 million
Client Profile
For more information
about our debt
placement services,
please contact
Michael Caron
Optimal lending arrangements
often come down to who you know,
and understanding what lenders
may be looking for in a deal. Many
private companies may not have the
connections with alternative funding
sources or expertise with the lending
process to secure a deal that is most
appropriate for the situation. Our credit
risk services practice uses our long
track record of working with lenders
to connect organizations to financing
sources and negotiate the ideal
arrangements to address their
credit needs.
610.862.2335 | mcaron@cbiz.com