We believe lawyers and law firms have the power to change the world. Every day we interact with lawyers making positive change, sticking up for the underdog and expanding access to the justice system. But we recognize there can be tradeoffs between pursuing these aims and paying the bills.
At Confido Legal, we are constantly working on new ways help firms increase the accessibility of their services without compromising their financial health. Payment plans, payment methods on file, cost reduction strategies and the simple act of offering credit cards can all help more clients get access to legal services.
Today we are adding one more tool in that toolbox. To help give you the flexibility to take a matter on contingency, put more clients on payment plans or quickly take advantage of growth opportunities, we're launching Confido Legal Law Firm Financing.
There are many ways to finance the growth of your firm - from traditional bank loans to partnership capital calls, to friends and family and litigation finance. We don't advocate using Confido's Law Firm Financing in every situation. It is specifically designed to help you:
- Get funds quickly
- Allow more clients to pay for your services over time
- Take cases on contingency while still covering your operating costs
- Capitalize on quick-turnaround growth opportunities that require additional investment in the firm
Here's how it works
Option 1: Expedited
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Submit the advance request here. You can request up to 40% of the total monthly credit/debit card volume from both your trust and operating accounts or $20,000, whichever is less (check your card payment volume here).
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In most cases, you will receive an approval amount and terms within one business day. No application, credit check or additional underwriting materials are required.
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If you accept the amount and terms, the funds will be in your operating account within three business days.
- You make automatic monthly payments in the form of a percentage of your credit/debit card revenue. This additional percentage is outlined in your approval notice. Note: The holdback percentage will be deducted only from your operating account.
How much does it cost?
There is an origination fee of 1.5% of the advance amount, and the total payback is 1.2 times the advance amount.
How long to I have to pay it back?
The payback time will vary based on your payment processing volume, but the target payback timeline is three months.
Do I have to be using Confido Legal?
Yes. Confido Legal Law Firm Financing is only for Confido Legal clients who have been processing payments on the platform for four months or longer.
Option 2: Higher-Limit
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Submit the advance request here. You can request up to 80% of the total monthly credit/debit card volume from both your trust and operating accounts (check your card payment volume here).
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In most cases, you will receive an approval amount and terms within one business day.
-
If you accept the amount and terms, the funds will be in your operating account within three business days.
- You make automatic monthly payments in the form of a percentage of your credit/debit card revenue. This additional percentage is outlined in your approval notice. Note: The holdback percentage will be deducted only from your operating account.
How much does it cost?
There is an origination fee of 1.5% of the advance amount, and the total payback varies from 1.08-1.3 times the advance amount.
How long to I have to pay it back?
The payback time will vary based on your payment processing volume, but typically between three and nine months.
Do I have to be using Confido Legal?
Yes. Confido Legal Law Firm Financing is only for Confido Legal clients who have been processing payments on the platform for four months or longer.
Curious to see what terms are available to your firm?
Let us help reduce the cost and improve the client experience associated with accepting payments.
