4KBW – Chambers of Lawrence Power welcomes the Bar Council’s recent announcement of its new Service Partnership with Legal Cost Finance (LCF).
LCF is an FCA-regulated financial boutique which assists with payment plans for potential clients of barristers. Described by its founder as a “win-win solution for both clients and lawyers”, LCF arranges payment plans on the basis of third-party credit agreements.
Essentially, LCF allows clients to make payment by instalments while giving barristers the benefit of prompt payment of their bills. Founded by a qualified solicitor, the service meets the commercial demand of clients for a convenient and affordable means of payment and the business needs of barristers for guaranteed funds set aside to cover the costs of work undertaken.
LCF is to be distinguished from litigation funding arrangements in which lenders provide funding in return for a share of any award.
Financing is provided by UK financial institutions licensed under the Consumer Credit Act 1974 and/or the Financial Services and Markets Act 2000.
Further details of the new Service Partnership can be found on the Bar Council’s website here: http://www.barcouncil.org.uk/media-centre/news-and-press-releases/2015/march/the-bar-council-signs-partnership-agreement-with-legal-cost-finance/ and LCF’s website can be viewed here: http://legalcostfinance.co.uk/