Octagon provides a host of customized services to law firms looking to purchase practices or other law firms. Our services are tailored to the needs of each transaction, taking into account the regulatory limitations that govern the provision of legal services.
Many litigation firms have limited resources when it comes to financing complex lawsuits; Octagon can assist. Octagon works with these firms to provide prompt, professional and confidential litigation financing designed to meet the particular needs of the client and law firm in question.
Octagon limits its litigation financing services to major civil suits (over 10 million dollars) and (post certification stage) class actions.
Octagon does not provide financing to personal injury cases. We also would not consider any request for financing that is below $500,000.
Through a case-by-case valuation process, Octagon assesses each request for financing, taking into account the needs and merits of the case, time frame involved, and the reputation and ability of the law firm submitting the financing application.
Octagon tailors our financing services to the financial needs of your legal practice. We work with law firms to ensure that regular expenditures such as general office overhead, compensation of lawyers and staffs, marketing and technology are financed through Octagon’s term loans. These term loans are issued out in accordance with the law firm’s revenue stream. Having appropriate long term financing is essential to any law firm and it is a lesson most law firm managers come to appreciate unfortunately at a later stage in their professional careers.
All applications for term loans must be for an amount greater than $2 million. Additionally, the applicant law firm must have been in business for a minimum of five years with revenues for the past three years that are at least two times the amount of the loan being requested.
Cash flow is the bloodline of a law firm. Octagon can provide your firm with financial relief by purchasing your receivables, thus providing much-needed cash flow. This allows you to keep your lucrative cases and avoid resorting to referring cases to other lawyers. It is one of the best and most effective ways to resolve short-term cash constraints.
The process of factoring begins with providing us with your invoices. Once we have reviewed these invoices and approved your application for factoring assistance, we will provide you with an advance of funds at competitive interest rates.
Law firms applying for factoring financing must have a minimum of $2 million in annual revenues.