*/
Unlocking your aged debt to augment cash flow in one easy step…
By Philip N Bristow of Vector Professions Finance
Taking silk is one of the significant highlights of many barristers’ careers. The costs associated with achieving this marque can, however, impact on an individual’s cash flow in the short to medium term.
As the application process takes a number of years, many of our clients who are looking to apply for silk will strategically plan to unlock their aged debt when they begin the lengthy process. The associated consultancy costs and application fees can be capitalized into an aged debt loan spread over a period of time to suit the individual’s budget. This offers peace of mind with the knowledge that any financial issues along the way have been taken care of in advance.
Many barristers will anticipate a temporary reduction in fees while preparing for the application in view of the time commitment involved. With funding in place, the barrister can focus on the application rather than worrying about potential financial issues.
Similarly, many newly appointed silks will factor in another temporary dip in fees during the transition process. The larger, more complex cases may take many months to complete and bill and therefore further impact cash flow.
There are additional costs to consider such as ceremonial clothing and the chambers’ celebratory party (something to look forward to when we are eventually out of the pandemic).
Some of our clients may have reduced their overdraft headroom during the application and transition period. This is particularly pertinent as many banks may have increased their overdraft interest rates. Refinancing or reducing the overdraft will free up headroom for contingency and the day-to-day running of the practice.
With more than 25 years’ experience with the Bar and endorsed by the Bar Council for ten years, we understand the complexities with which barristers are faced. Our mission is to provide fast-track, flexible funding with a quick and easy application process. We aim to obtain a credit decision within 48 hours of application with minimal information required.
Taking silk is one of the significant highlights of many barristers’ careers. The costs associated with achieving this marque can, however, impact on an individual’s cash flow in the short to medium term.
As the application process takes a number of years, many of our clients who are looking to apply for silk will strategically plan to unlock their aged debt when they begin the lengthy process. The associated consultancy costs and application fees can be capitalized into an aged debt loan spread over a period of time to suit the individual’s budget. This offers peace of mind with the knowledge that any financial issues along the way have been taken care of in advance.
Many barristers will anticipate a temporary reduction in fees while preparing for the application in view of the time commitment involved. With funding in place, the barrister can focus on the application rather than worrying about potential financial issues.
Similarly, many newly appointed silks will factor in another temporary dip in fees during the transition process. The larger, more complex cases may take many months to complete and bill and therefore further impact cash flow.
There are additional costs to consider such as ceremonial clothing and the chambers’ celebratory party (something to look forward to when we are eventually out of the pandemic).
Some of our clients may have reduced their overdraft headroom during the application and transition period. This is particularly pertinent as many banks may have increased their overdraft interest rates. Refinancing or reducing the overdraft will free up headroom for contingency and the day-to-day running of the practice.
With more than 25 years’ experience with the Bar and endorsed by the Bar Council for ten years, we understand the complexities with which barristers are faced. Our mission is to provide fast-track, flexible funding with a quick and easy application process. We aim to obtain a credit decision within 48 hours of application with minimal information required.
Unlocking your aged debt to augment cash flow in one easy step…
By Philip N Bristow of Vector Professions Finance
Kirsty Brimelow KC, Chair of the Bar, sets our course for 2026
What meaningful steps can you take in 2026 to advance your legal career? asks Thomas Cowan of St Pauls Chambers
Marie Law, Director of Toxicology at AlphaBiolabs, explains why drugs may appear in test results, despite the donor denying use of them
Asks Louise Crush of Westgate Wealth Management
AlphaBiolabs has donated £500 to The Christie Charity through its Giving Back initiative, helping to support cancer care, treatment and research across Greater Manchester, Cheshire and further afield
Q and A with criminal barrister Nick Murphy, who moved to New Park Court Chambers on the North Eastern Circuit in search of a better work-life balance
The appointments of 96 new King’s Counsel (also known as silk) are announced today
With pupillage application season under way, Laura Wright reflects on her route to ‘tech barrister’ and offers advice for those aiming at a career at the Bar
Jury-less trial proposals threaten fairness, legitimacy and democracy without ending the backlog, writes Professor Cheryl Thomas KC (Hon), the UK’s leading expert on juries, judges and courts
Are you ready for the new way to do tax returns? David Southern KC explains the biggest change since HMRC launched self-assessment more than 30 years ago... and its impact on the Bar
Marking one year since a Bar disciplinary tribunal dismissed all charges against her, Dr Charlotte Proudman discusses the experience, her formative years and next steps. Interview by Anthony Inglese CB
