6 Ways Financing Can Help Your Legal Career [Guest Post]
From starting your own law firm to becoming an equity partner, the amount you need to spend to grow as a legal professional can be staggering. But you don’t have to take on these substantial costs alone.
Financing can help you launch or advance your career fast—with affordable monthly payments. Here are 6 different ways financial solutions could help you:
1. Consolidate your debt
Did you know that 72 percent of law school graduates have student loan debt? In fact, in 2021 the average law school debt was over $145,000.
Whether you have personal or business debt, it shouldn’t hold you back from accomplishing more. That’s where financing can help.
You may have multiple monthly payments with high and/or variable interest rates that are taking a chunk out of your budget. Debt consolidation can wrap up all your charges into one low monthly payment with a fixed rate and an extended term.
This can make pursuing your short-term and long-term business goals easy and affordable.
2. Create your home office
Confidential conversations call for a real office space—even in a work-from-home environment. Financing can help you build a home office that inspires confidence in your clients. From divider walls and bookshelves to good lighting and minimal personal touches, your setup should convey professionalism. And you can borrow to cover everything your office needs.
The best part is that you’re not limited to only fixing up your home office. If there are other areas of your home you’d like to upgrade—from the kitchen to the bathroom and more—a loan can cover those improvements too.
3. Expand your client base
On average, law firms spend 2% to 10% of their revenue on marketing in the hopes of adding new customers. This significant sum can eat into your budget if you’re pulling from your own funds.
Fortunately, you can market your services to a larger base of clients while keeping your cash flow strong by financing your advertising costs.
4. Streamline your client experience
Today’s clients have higher expectations than ever when it comes to user experience. An intuitive, state-of-the-art web portal can make communication simple and hassle-free, preventing any hiccups in the onboarding process. A cutting-edge website designed by experienced professionals can run you between $5,000 and $20,000, making financing your firm’s digital experience a consideration. In fact, you may consider borrowing to accomplish multiple goals at once, including launching your firm’s web portal, investing in marketing materials, and more.
5. Start your own law firm
With work-from-home being the new norm for many attorneys, studies show you can start your own law firm with as little as $3,000. This can cover your licensing fees and annual liability insurance, among other startup costs.
However, if you’re looking to work in a large office space, hire staff (from administrative workers to more skilled positions like staff attorneys), or implement a state-of-the-art web platform, expenses can be significantly higher. The right financing partner offers funds that can be used for various purposes and amounts large enough to cover all your wants and needs.
6. Become an equity partner
If you’ve received the opportunity to become an equity partner at your law firm, congratulations. You have the chance to cement your legacy as you work with leadership to establish a direction for your firm.
But, as you already know, you’ll need to buy into this partnership via capital contributions. These can range from 15% to 30% of your yearly profits and, depending on the size and success of your firm, could cost you anywhere from $20,000 to over $500,000.
Many law firms provide new equity partners a period of one to three years to make these contributions, which often requires attorneys to spend considerable time gathering the necessary capital.
However, you don’t need to stress to raise capital or pull from your savings to cover these considerable costs. You can apply for financing and get funded fast—sometimes within a few days, depending on your needs—so that you can submit your contributions quickly and easily with a loan that offers affordably low monthly payments.
Get fast, hassle-free financing built for attorneys
Funding high-earning professionals for 20 years, BHG’s financial solutions can help you accomplish your professional and personal goals fast. They offer large loan amounts up to $5 million, a fast application process with minimal paperwork, and extended terms out to a maximum of 25 years—giving you affordably low monthly payments.
BHG’s loan process is designed with your busy schedule as a legal professional in mind. Their loans are unsecured and don’t require any personal collateral. Their flexibility allows you to use your funds for a wide variety of purposes. And without any commitment or impact to your personal credit score, you can estimate your monthly payment in less than 30 seconds.
Learn more about BHG’s financial solutions and discover what they can do for you here.
VIEWS AND CONCLUSIONS EXPRESSED IN ARTICLES HEREIN ARE THOSE OF THE AUTHORS AND NOT NECESSARILY THOSE OF FLORIDA BAR STAFF, OFFICIALS, OR BOARD OF GOVERNORS OF THE FLORIDA BAR.