Give Your Customers The Best Options in Legal Fee & Retainer Financing.
Legal services is not deemed a "preferred" vertical market by traditional lenders which leaves law firms seeking alternative lending options for their clients. Unfortunately, most alternative options offer predatory interest rates, fluctuating discount costs to the firm and do not adhere to bar rules governing client finance.
ePay Finance has years of experience and a proven track record of assisting firms to provide representation to cash-strapped clients while eliminating the time and effort that staff spends on follow up and collections. There are many testimonials available for ePay Finance.
The ePay Finance platform was developed specifically for the legal community; taking great care to consider not only bar regulations but also, trust accounts, usury laws, affordability for both the firm and the client as well as fee structures and support.
“We had a team of lawyers throughout the country that helped us research. We were calling the bar of various states, and ePay Finance really understands the rules and how to craft the entire loan process.”
- Brett Schoneman, Imhoff & Associates
"You should use ePay Finance because they have great customer service, they care about their clients and they really want to help people to get money for their legal services.”
- Cindy Weatherly, Robinson & Henry
“With ePay Finance the approvals popped up exponentially compared to what we had before. We wouldn’t have these retainers had they not had this opportunity. Our clients really like it.”
- Tom Lawson, Imhoff & Associates
Retainer fees typically range from $1500 or as high as $5,000 or more, depending on the work involved. A retainer is typically requested at the beginning of legal representation. Retainer fees are often based on the lawyer’s hourly rate multiplied by the number of hours it is expected that your case will take. The amount for the time spent on the case will then be subtracted from your retainer.
Clients in need of legal services without the available cash to pay for a retainer fee have a few options to consider; Borrowing money from a family member or friend, applying for a credit card or taking out a personal loan are the three main options. Often times the credit line associated with a credit card is not enough to cover the cost of a retainer and other options to consider include interest rates, promotional offers and card benefits. When applying for a personal loan it is important to consider similar factors such as loan terms, interest rates, origination fees and offer amounts. Fortunately there are lending options that offer “Check Your Rate” features that allow you to browse offers from multiple lenders without hurting your credit score. Loan amounts are often higher than credit cards and interest rates are usually lower.
The short answer is “yes” and “no”. It depends on the firm. Some attorneys may offer “in-house” financing, breaking up the cost of your case over a set period of months at a certain dollar amount in equal payments. This policy is risky for the attorney as often times they are unable to collect the full payment from the client which results in a loss of income or pricey and timely collections procedures. Most attorneys who do offer in-house financing try and keep the term of the loan to 6 months or less and also like to setup automatic payments from a checking account or credit card. Many firms have partnered with lending platforms that offer arm’s length personal loans to their clients for payment of legal services. This option is ideal as it eliminates the risk associated with the attorney carrying the loan their self and also provides more options for the client in terms of offer amounts, interest rates and terms.
The cost of legal representation is based on the experience level of the attorney, the type of case you need to hire them for, projected longevity of the case and even geographic location. More experienced lawyers charge higher fees and the complexity of the case also plays a role. Since most firms offer a free initial consultation, it is wise to shop around to find an attorney who can represent you with a fee structure that fits your budget.