How Small Business Loans Can Help Your Law Firm

Handling a legal case can be costly and time consuming, with the compensation taking a long time to arrive and the upfront costs adding up to a lot more than just billable hours. Like many law firms, you might use small business loans to keep your practice running while taking on new cases.

Upfront costs

Cover the expenses of taking on a new case such as court fees, conducting research and hiring outside experts.

Budgeting

Settlements can take 90 days or longer to come through. A business loan lets you keep working on cases and paying your staff while waiting for checks to arrive.

Technology

Keep your computers and legal software up to date by replacing and upgrading as needed.

Unforeseen expenses

You may need to hire a paralegal, bring in a court reporter or use a consulting attorney to help with a case. Business loans can provide the financing you need to cover these costs.

Four Law Firm Loan Options to Consider

1

Small Business Administration (SBA) Loans

These loans are guaranteed by the government, allowing lenders to offer low interest and long repayment periods. They can also involve a lot of paperwork and may be difficult to qualify for, depending on the circumstances of your business.

2

Business Line of Credit

Business lines of credit allow you to get the funds you need when you need them, paying interest only on what you draw. This flexibility can be very useful for industries with cyclical demand or variable revenue streams.

3

Term Loan

Often from banks, term loans are what people usually picture when they think “loan”: a lump sum paid to a company, repaid, plus interest, over a set period of time. The cost of the loans can vary widely; the more affordable the interest, the more difficult they tend to be to qualify for.

4

Business Credit Card

A business credit card is like a personal credit card, taken out in your business’s name. Though these can be very useful for small or medium purchases like office supplies, they can be an expensive and impractical way to finance larger aspects of your operation.

Headway Capital Business Line of Credit

Headway Capital offers a flexible line of credit with no hidden fees for law firms and legal services, helping them fulfill any business financing needs. We are proud to help hardworking business owners like you accomplish their goals.

Credit Line

Up to
$100,000

Loan Type

Business line of credit

Repayment Term

12, 18 or 24 months

No Hidden Fees

See our Rates & Terms for details

Payment Frequency

Weekly or monthly

Clear Cost

Clear payment terms, interest does not compound, no penalty for early payoff

Why Choose Headway Capital?

We See the Big Picture

We look beyond your credit score in evaluating your business.

We’re Flexible

Borrow what you need, when you need it, and pay it back according to your own schedule.

We’re Sensible

Make multiple draws (up to your credit limit) and only pay interest on what you borrow each time.

We’re Transparent

Upfront rates and no hidden fees mean you’ll always know what you’ll owe.

Headway Capital is rated 9 out of 10 based on 171 reviews on Trustpilot

1We will not perform a hard credit pull until after you have submitted the application and signed the contract.