*/
Barristers will be able to offer payment plans to their clients under a new partnership agreement announced by the Bar Council with Legal Cost Finance (LCF).
The FCA-regulated service would provide clients with the option of paying for legal services by instalments on the basis of third-party credit agreements, while lawyers would benefit from full payment of bills on time through BARCO, the Bar Council’s escrow account service.
Unlike litigation funding, LCF provides direct financing that is not restricted to any particular type of legal matter, is not tied to the chances of success and is available for all types of legal costs.
The Bar Council said it would help barristers to secure more instructions from clients by offering convenient and affordable payment solutions.
Lawyers will be encouraged to offer a “moderate discount” from their legal bills so the arrangement becomes cost-neutral to the client, “in exchange for the assurance of funding availability and of timely payments”. The discounts are intended to cover the client’s arrangement fees (total £290) plus the interest rate (approximately 6% APR) over one year.
LCF founder and CEO, Dr Yuri Rapoport, is an Australian solicitor who founded the first law broking firm (Prime Law Brokers). He said: “We are confident that our ‘payment plan’ solution will become a useful tool for barristers, encouraging convenient and effective client relations.”
Paul Mosson, Director of Services at the Bar Council, said: “We believe that the service they offer will provide barristers with another valuable tool to secure work by presenting a payment solution for their clients, offering peace of mind to both the barrister and the client.”
Unlike litigation funding, LCF provides direct financing that is not restricted to any particular type of legal matter, is not tied to the chances of success and is available for all types of legal costs.
The Bar Council said it would help barristers to secure more instructions from clients by offering convenient and affordable payment solutions.
Lawyers will be encouraged to offer a “moderate discount” from their legal bills so the arrangement becomes cost-neutral to the client, “in exchange for the assurance of funding availability and of timely payments”. The discounts are intended to cover the client’s arrangement fees (total £290) plus the interest rate (approximately 6% APR) over one year.
LCF founder and CEO, Dr Yuri Rapoport, is an Australian solicitor who founded the first law broking firm (Prime Law Brokers). He said: “We are confident that our ‘payment plan’ solution will become a useful tool for barristers, encouraging convenient and effective client relations.”
Paul Mosson, Director of Services at the Bar Council, said: “We believe that the service they offer will provide barristers with another valuable tool to secure work by presenting a payment solution for their clients, offering peace of mind to both the barrister and the client.”
Barristers will be able to offer payment plans to their clients under a new partnership agreement announced by the Bar Council with Legal Cost Finance (LCF).
The FCA-regulated service would provide clients with the option of paying for legal services by instalments on the basis of third-party credit agreements, while lawyers would benefit from full payment of bills on time through BARCO, the Bar Council’s escrow account service.
Far-ranging month for the Chair of the Bar
Endometriosis Awareness North, a charity raising awareness of endometriosis and supporting those affected across the North of England, has received a £500 boost from AlphaBiolabs via the company’s Giving Back initiative
Marie Law, Director of Toxicology at AlphaBiolabs, examines the most recent data on alcohol misuse in the UK, and the implications for alcohol testing in family proceedings
Clement Cowley, Partner at The Penny Group, explains how tailored financial planning can help barristers take control of their finances and plan with confidence
Marie Law, Director of Toxicology at AlphaBiolabs
A £500 donation from AlphaBiolabs has been made to the leading UK charity tackling international parental child abduction and the movement of children across international borders
Seeing the full picture – Baljit Ubhey OBE outlines the CPS action plan to tackle violence against women and girls, offering insights directly relevant to courtroom practice
Heritage as an anchor and a compass, finding our common humanity and embracing the power of the outsider – Melina Antoniadis’s lessons learnt
Is the Judicial Conduct Investigations Office process fit for purpose? Women barristers’ experiences of bullying are not being reported or, if they are, they are not making it through the system, says Tana Adkin KC
Review by Daniel Barnett
Chair of the Bar reports back
