Why use Counsel Financial instead of a bank?
What is the maximum amount my law firm will qualify for?
What can I use my credit line for?
Are there any limitations on my use of funds?
What are the terms of my credit line?
What are the hidden fees?
Are my monthly payments tax-deductible?
Is Counsel Financial associated with my legal cases in any way?
What kinds of cases can be used as collateral?
How can I get started?

Why use Counsel Financial instead of a bank?
Banks are a great place to start when you need a loan. However, the amount you can borrow is limited to the value of your personal assets. At Counsel Financial, borrowing power is based upon the total value of your anticipated fees as determined by you and our team of experienced attorneys.

What is the maximum amount my law firm will qualify for?
Your borrowing power is based upon an estimate of the total value of your entire case portfolio. The minimum line is $50,000 and our maximum line is $5 million.

What can I use my credit line for?
You can use your credit line for any law firm expenses, including case costs, expert witnesses, payroll, practice expansion, general office expenses, hiring additional staff and advertising.

Are there any limitations on my use of funds?
Your line of credit must be used for law firm expenses.

What are the terms of my credit line?
Counsel Financial offers flexible repayment terms designed for a contingent fee firm with only limited principal payments for the first two years. Remaining outstanding principal is then amortized equally over the following two years. You can always pre-pay principal anytime without penalty.

What are the hidden fees?
There are absolutely no hidden fees or costs. Counsel Financial charges monthly interest only on the amount your firm actually borrows—not the maximum amount of the line. In fact, it’s just like borrowing from a credit card, only easier! Counsel Financial never charges any pre-payment penalties, audit fees, draw fees or maintenance fees.

Are my monthly payments tax-deductible?
Yes, all monthly interest payments made to Counsel Financial are tax-deductible as “ordinary and necessary” business expenses, which will save you and your law firm money. You receive no tax benefits when you finance your own cases— unless you lose! In addition, a reasonable amount of interest on loans for client expenses can usually be charged to the client. (Check your local state ethics rules or call us to receive a copy of the opinion in your jurisdiction.)

Is Counsel Financial associated with my legal cases in any way?
Absolutely not. We have a working relationship with your law firm, as any lender would. You retain complete control of your entire portfolio. Moreover, our attorney staff is extremely sensitive to the needs of lawyers to assure compliance with all rules of Professional Conduct and the Canons of Ethics in each state in which we lend.

What kinds of cases can be used as collateral?
A variety of contingency fee cases can be used as collateral against a line of credit, including:

How can I get started?
You may complete our Quick Application, or if you’d like to learn more, contact us at 1-800-820-4430 (ask for Megan Payne, Chief Operating Officer). There is no cost or obligation.