Question 1

Can professional services firms use invoice finance?

Accepted Answer

Yes, invoice finance works well for professional services, though structures may differ from product businesses. Some lenders specialise in professional services and understand WIP, milestone billing, and success fees. Selective invoice finance allows you to choose which invoices to finance, giving flexibility.

Question 2

Is there finance available for practice acquisitions?

Accepted Answer

Yes, practice acquisition finance is available for accountancy, legal, and other professional services firms. Lenders assess the acquired firm's recurring fee base, client retention risk, and integration plans. Facilities typically combine asset finance for the goodwill value with working capital for the transition period.

Question 3

How does WIP finance work for law firms?

Accepted Answer

WIP (work in progress) finance provides funding against unbilled time and disbursements. This is particularly valuable for litigation or transaction practices where significant time accrues before billing. Lenders will assess your conversion history (WIP to billed to collected) to determine advance rates.

Question 4

Can I finance an office fit-out or relocation?

Accepted Answer

Yes, office fit-out finance covers furniture, fixtures, IT infrastructure, and sometimes the build-out costs themselves. Terms typically run 3-5 years. This preserves capital for client acquisition and team growth while spreading the cost of creating a professional working environment.

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