If you are an attorney looking to hang your own shingle, either fresh out of law school or branching out from another practice, you are likely going to need to apply for financing. Lenders will want some information that you probably know, but they are going to want it on the spot and in a well thought out, professional format.
Giving thought to these things ahead of time can go a long way toward receiving the financing you need to start your own law practice.
How much is it? How much have you paid on it? How long have you been paying on it? What are the terms? Many law students have student loans, and your lender is going to want to know about them before considering lending you money to start your own business.
Type of Practice
What type of practice are you going to have? Are you going to practice law generally or specialize? Are you thinking more family law or defense? Having a well prepared answer will be very helpful.
What will your payment policy be for clients? Most attorneys bill hourly, but some offer certain services for a flat fee. When will payment be due? Will they pay up front? Will they pay regardless of the outcome? This is very important to the lender when you are seeking attorneys business financing because their repayment hinges on your cash flow.
Do you already have a client base? If you are coming from another practice you very well may. Are you going to offer your services on retainer, or do you already have some retainer clients? This steady income is a very good sign to lenders.
When you have all of these ducks in a row, Biz2Credit is the place to go for finding a lender. We have a network of over 1,300 lenders, many of whom offer financing to lawyers and attorneys. Visit Biz2Credit today for more information.