New litigation funding solution from UK market entrant Kain Knight Limited, together with SpectraLegal Limited, is delighted to announce the launch of a new specialist funding solution for UK law firms.
SpectraLegal is part of BridgePoint Finance Group, the leading provider of specialised forms of working capital finance to Canadian law firms.
Changes following the Legal Aid, Sentencing and Punishment of Offenders (LASPO) Act of 2012 have resulted in increasing pressure on law firms’ cash-flow with significant amounts of work in progress locked in and firms are having to fund disbursements. In addition to that, banks are limiting the amount available to fund the day-to-day business of law firms.
LASPO mirrors the reforms enacted in Canada in 2003, so SpectraLegal is uniquely placed to understand the new landscape in the UK and the funding challenges that exist now and in the future.The new funding solution from SpectraLegal enables firms to build a relationship with a flexible litigation financier providing law firms with a powerful tool to grow their practice and satisfy clients.
The benefits of using Kain Knight and Spectra Legal funding solution are:
• Improved cash flow allows law firms to pay suppliers up front to obtain better terms
• Partnership approach to funding with competitive interest rates
• Removes the need to accept early (lower) cost settlement offers
• Ensures more stable and consistent operating cash flow
• Helps firms protect the legal interests of their clients
• Cash is freed up for investment in the business
For more information contact Kain Knight on 01279 755552, or email email@example.com
Commenting on the launch of the new facility Matthew Kain, Kain Knight’s managing director said:
“Our research shows increasing demand amongst our law firm partners for more innovative and flexible forms of funding. Kain Knight has for some time been looking for a business that can deliver what our clients need. We are delighted to be one of the first UK firms to work together with SpectraLegal Limited. We believe this new facility will deliver significant improvements to our partner law firms’ cash-flows and enable them to grow their businesses.”
Matthew Gwynne, SpectraLegal’s business development and client relations director, said:
“The UK has been on our radar for some time. As a new entrant, we were able to take a fresh look at the funding challenges faced by UK law firms; and by working with our friends in Kain Knight, we will deliver a solution that meets the needs of a modern-day legal practice. We look forward to working with Kain Knight and building long-term relationships with their partner law firms”.