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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
Sam Townend KC explains the Bar Council’s efforts towards ensuring a bright future for the profession
Giovanni D’Avola explores the issue of over-citation of unreported cases and the ‘added value’ elements of a law report
Louise Crush explores the key points and opportunities for tax efficiency
Westgate Wealth Management Ltd is a Partner Practice of FTSE 100 company St. James’s Place – one of the top UK Wealth Management firms. We offer a holistic service of distinct quality, integrity, and excellence with the aim to build a professional and valuable relationship with our clients, helping to provide them with security now, prosperity in the future and the highest standard of service in all of our dealings.
Is now the time to review your financial position, having reached a career milestone? asks Louise Crush
If you were to host a dinner party with 10 guests, and you asked them to explain what financial planning is and how it differs to financial advice, you’d receive 10 different answers. The variety of answers highlights the ongoing need to clarify and promote the value of financial planning.
Most of us like to think we would risk our career in order to meet our ethical obligations, so why have so many lawyers failed to hold the line? asks Flora Page
If your current practice environment is bringing you down, seek a new one. However daunting the change, it will be worth it, says Anon Barrister
Creating advocacy opportunities for juniors is now the expectation but not always easy to put into effect. Tom Mitcheson KC distils developing best practice from the Patents Court initiative already bearing fruit
National courts are now running the bulk of the world’s war crimes cases and corporate prosecutions are part of this growing trend, reports Chris Stephen
Let’s hear it for the assessors, says Dame Anne Rafferty of the KC Selection Panel. And to make silk assessors’ lives a little easier when applicants come calling in May, Dame Anne fields some commonly asked questions
