Information for Solicitors
Lime Finance provides an overall firm wide facility to solicitors, under which we extend loans to your clients to enable them to pay your fees and disbursements.
Whilst we reserve the right to consider every client loan application individually, we are guided by you as you apply your firm’s overall facility across your client base.
The facility is appropriate when a minimum settlement can be reasonably assessed and the client lacks the necessary cashflow to fund the action. Generally, this is matrimonial actions, probate cases and personal injury or medical negligence claims.
Each nominated client completes a loan agreement with Lime Finance and pays the monthly interest charges. In some cases, interest payments can be rolled up into the loan for up to 2 years or your firm can pay the interest charges on behalf of the client.
At the end of the legal action, or at the end of the loan term, the client must repay the loan. This period can be extended in exceptional circumstances.
The loan can only be used to pay your fees / disbursements and payments are only made to your firm’s bank account. You have access to all your client’s loan accounts via our website and can initiate draw-downs at any time, up to the agreed limit.
If ATE insurance is in place, the loan repayment and possibly the interest charges on any loan may be covered under your existing insurance. For example, a personal injury case under a conditional fee arrangement might require finance for expensive disbursements. These disbursement costs and the interest on any loan to pay them, could be covered under an ATE policy. You must check your own policy terms.
Benefits for Solicitors:
- Guaranteed prompt payment of all invoices and disbursements via client based funding
- Competitive advantage against other firms
- A firm wide facility that you can control and distribute across your clients
- Online access to all your client’s loan accounts to make drawdowns at any time
- Old and new debts can be covered by the facility
- No non-utilisation fees
- Minimum bureaucracy and no file reviews
- If ATE insurance is in place, this may cover the loan and any interest charges
Security is required in the form of a solicitor's guarantee and a client undertaking to their solicitor to pay the loan balance from the proceeds of their case.
Please contact us to apply for a facility. Lime Finance will then work towards a long term partnership.