SOLICITORS JOURNAL | February 16, 2016 | Posted in News Updates
A business created by Canada's top law firm financier has launched in England and Wales with plans to lend at least £50m to personal injury law firms during 2016.
SpectraLegal is the brainchild of BridgePoint Financial Group, a leading provider of litigation financing, which has supported more than 1,000 Canadian firms over the past 11 years.
Options for personal injury law firms in England and Wales to fund their practices have been in short supply in recent years amid caution from traditional lenders and the many reforms hitting the sector.
Since opening in the UK in October, SpectraLegal has approved in excess of £10m of loans to a handful of firms, including backing the expansion plans following Pure Legal's £13m acquisition of clinical negligence specialist firm Pryers in December. A further £30m of lending is in the pipeline.read article
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