Technology Upgrade With £250,000 Loan for Traditional Law Firm

For one legal firm that worked with Rangewell, the challenge posed by a digital revolution was clear: how could they fund the project in an efficient way that gave them visibility over their cash flow and allowed them to forecast profits in a post-evolution world? 

Why was there a problem?

As a traditional firm, our client already had digital systems in place – but they were ageing, outdated and not properly integrated. As the new dawn of remote work approached, they recognised a need for an upgrade that would not only facilitate remote employees but also improve their overall technology systems. 

To do this, they identified three areas of technology that they needed to update: software, hardware and support. Each of these areas required its own investment – so they turned to their bank for help. Unfortunately, the bank could only offer the £250,000 they needed split over these three areas – which meant an individual agreement for each area, with their own rates and terms. 

Why we were able to help

Rangewell were able to step in and help resolve this issue, making everything more efficient by working across our network of lenders to find one willing to issue a single finance facility that covered all of the firm’s necessary upgrades. 

By working with our client to outline the potential growth in staff efficiency, billable hours and overall profits in a clear business plan, we were able to take the plan to lenders and secure a more favourable rate. This ultimately resulted in a 3-year term loan that offered the full £250,000 in a single repayment plan. 

Legal firm finance

If you’re a law firm, you know that cash flow is vital – so why accept mainstream banking offers if they’re not favourable to your business’ growth? You need to assess the entire lender’s market, which includes challenger banks and specialist legal lenders, to find the right contacts and negotiate a rate more favourable to your business model. 

Get law firm finance with Rangewell

It’s not as easy as finding the right lender and approaching them. Many lenders have complex team structures that make it hard to deal with the right person. Work with Rangewell and we’ll act on your behalf to get your needs to the ideal lender. Leverage our pre-existing network and get the finance required to fund your goals. Get in touch to learn more.