New Law Mandate and Legal Fee Funding Help Law Firms Increase Revenue and Reduce Lost Profits
PORT ST. LUCIE, Florida, 23 october 2019 / PRNewswire / – Flexxbuy (www.Flexxbuy.com) announced a revolutionary option to consolidate its in-house financing platform to make it the most robust solution in the industry. Lawyers, in particular, are now able to offer financing of legal fees to every potential client they choose to represent, regardless of their credit rating.
With two different financing options to meet each client’s individual needs or preferences, lawyers will never again have to worry about reducing their tenure or legal fees, or turning down a potential client.
Formal Opinion 484, issued by the ABA’s Standing Committee on Ethics and Professional Responsibility, clarified the funding of attorney’s fees and how it is used in practice, opening the door to attorneys who do not. didn’t know how to use it. According to Barbara S. gillers, chair of the committee, 75 percent of low- and middle-income people have unmet legal needs for financial reasons.
“Lawyers have been a very strong category for Flexxbuy since our inception, but there have been cases where lawyers were not sure how their local bar would view funding for legal fees,” explained Bob lovinger, Chairman of Flexxbuy. “Now it’s never a question of whether or not a law firm can use it.”
Flexxbuy’s new Legal Fee Pooled Funding Program provides lawyers with a multi-lender platform that can approve those at risk preferential to sub-prime, as well as an internal payment plan option with no credit check managed by a third party. part for people who are not eligible for third party funding.
Ease of use is the key to Flexxbuy’s long-term success. It provides its clients with a personalized loan application environment and all the systems and support that make it almost seamless and effortless. Its main lender platform generates around $ 350 million loan requests every month.
Lovinger added, “Today it’s so important for businesses to have as many payment options as possible and to eliminate the inability to pay as the reason for losing a potential sale. This is more true for lawyers than for any other business, which often is. through the desk of a person who has made an unexpected large expense. “
Flexxbuy provides lawyers with a last line of defense when no other resource is available. An online application is submitted to no less than ten lenders who provide decisions in seconds. There is no hard credit draw that results in a credit report investigation, so it really is risk free.
Flexxbuy is a US leader in providing business internal client financing through online multi-lender platforms and niche lenders. Its main strength is the diversity of its products, which means that the company is not a one-size-fits-all solution.
Contact: Lyndsey Brooke
E-mail: [email protected]