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  • Views from the flipside

    Law firms’ payment waiting times hits 15 weeks

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Views from the flipside

Latest research reveals that law firms are now waiting 11 days longer for invoices to be paid, with the average time for payments hitting 15 weeks.

While the average payment time for all businesses is just 42 days, it now takes 105 days, on average, for law firms to receive payment from the time an invoice is issued.

Under the Late Payments Directive, payments to businesses should be made within 30 days (60 days for B2B transactions). As law firms wait to be paid, late payments could mean that the need to look for alternative methods of funding such as short term business loans to support cash flow is essential.

Business Finance from LDF

Alternative finance options can provide support for investments and growth, in the knowledge that budgets won’t be reduced by unexpectedly late invoice payments.

Peter-Alderson.jpgPeter Alderson, LDF Managing Director, says “Spreading the cost of IT and software upgrades, office refurbishments and tax bills, allows businesses to keep track of their cash flow and will make sure that these firms are not left vulnerable to tax deadlines or insurance premium renewals.”

 

LDF provides finance packages to help cover the cost of tax bills, insurance premiums and practicing certificates, as well as unpaid invoices, office refurbishment and equipment purchases.

Our all-new business development loan also enables firms to package a large number of development costs such as refurbishment, training and recruitment into one simple solution – this can be funded over a maximum 36 month term, with the option to also finance this in quarterly payments.

Why choose LDF?

  • No red tape, so you can receive funds in as little as 24 hours
  • We accept 4 out of every 5 applications
  • Apply quickly and easily with E-sign loan documents
  • You’ll always speak to the same person
  • Free up cash flow for other areas of your business
  • Tailored finance agreements to suit your specific needs
Find out more

Views from the flipside

What our customers say

We could not have been happier. Banks as usual were a nightmare - they took over six weeks to eventually refuse for vague reasons unexplained. LDF were professional, helpful, friendly, and best of all, fast.

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