What information do you need to provide a Quick Quote for a law firm?
Updated October 2025
The quick answer — what we ask for (and why)
To generate a quick, indicative quote for a UK law firm, we typically need a concise snapshot of your firm, what you need the funding for, and headline financials. This allows our AI-powered platform to match your enquiry with relevant lenders and brokers who actively support legal practices. It’s fast, secure, and designed to avoid unnecessary back-and-forth.
At-a-glance checklist for a Quick Quote
- Firm identity and structure: legal name, trading name, company or LLP number, SRA number, and date established.
- Ownership and key people: partners/members/directors, ownership percentages, and number of fee-earners and support staff.
- Funding request: amount required, purpose (e.g., VAT, PII premium, working capital, disbursement or WIP funding), and preferred term.
- Headline financials: last full-year turnover, estimated current-year turnover, approximate net profit, and office bank balance range.
- Lock-up metrics: aged debtors by band (0–30/31–60/61–90/90+ days), average debtor days, and estimated WIP balance.
- Existing borrowing: overdraft limit and usage, term loans, invoice or WIP facilities, BBL/CBILS balances, and monthly commitments.
- Compliance essentials: PII insurer and renewal date, any open claims, and confirmation of clean SRA status (or details if not).
- Contact and KYC basics: authorised contact, business address, and directors’/partners’ basic details for soft checks.
- Documents to hand: latest filed accounts, last three months’ business bank statements, and an aged debtor report.
This information delivers a realistic early view without creating a full application burden. Where specialist facilities are relevant, some providers may request additional context before sharing terms. You stay in control and can proceed only if the matches look suitable for your firm.
Important context
Best Business Loans is an independent introducer, not a lender or broker. We help you connect with appropriate finance providers; we don’t make credit decisions or offer regulated advice. Any quotes are indicative, subject to eligibility, underwriting, and verification by the provider.
Essential firm and funding details
Accurate firm identity information helps providers run initial checks quickly and safely. This avoids confusion between similarly named practices and supports smooth onboarding later. It also helps match your firm to lenders and brokers who actively support regulated legal entities.
Firm identity and structure
Please provide your legal entity name, trading name, and Companies House or LLP number. Include your SRA number, date of incorporation/founding, and registered business address. Confirm your structure: LLP, limited company (including ABS), partnership, or other.
Operational profile
Outline practice areas and revenue mix (e.g., conveyancing, litigation, PI, family, corporate/commercial, crime). Include number of fee-earners, support staff, and number of offices/branches. Note your case management and accounting systems if relevant to funding (e.g., for ledger extracts).
Funding request specifics
State the amount required, desired term, and purpose. Common use cases include PII premium funding, VAT finance, working capital smoothing, disbursement funding, and WIP-backed facilities. Indicate whether you prefer fixed repayments, revolving facilities, or a seasonal structure if applicable.
SRA and PII details
Confirm current PII insurer, renewal date, and whether claims or notifications exist. If there are open matters, provide brief context and whether reserves are in place. Lenders expect credible PII coverage and clear SRA compliance, especially where client money is held.
Quick tips to speed up matching
Be clear about timing needs, such as PII renewal deadlines or VAT payment dates. If multiple purposes apply, rank them by priority. Indicate if secured or unsecured options are acceptable, including appetite for personal guarantees or debentures.
Financial picture and lock‑up metrics
Law firms are typically assessed on profitability, stability, and the quality of lock-up (WIP plus debtors). Headline numbers help gauge affordability and the most suitable product format. Clear, recent figures increase the likelihood of stronger terms and faster outcomes.
Headline financials
Share your last filed turnover and net profit, plus estimated current-year turnover. Confirm your average monthly overheads and current office account balance range. Indicate seasonality or predictable spikes in cash demand.
Debt, cash flow, and obligations
List existing borrowing: overdrafts, term loans, asset finance, invoice/WIP finance, BBL/CBILS, and card machines or merchant cash advances. Include approximate balances, limits, and monthly repayments. Highlight any upcoming balloon payments or covenant requirements.
Lock-up and working capital
Provide aged debtors by band (0–30/31–60/61–90/90+ days), average debtor days, and total WIP. Indicate any concentration risks (e.g., top five debtors). Note your average monthly billings and typical lag from WIP to cash.
Tax and compliance
Confirm VAT cycle and next due date, plus whether VAT is current. Outline Corporation Tax and PAYE positions, including agreed Time to Pay arrangements. Flag any CCJs or arrears early to avoid mismatches with lender policies.
Why these numbers matter
They signal affordability, resilience, and working capital efficiency. For example, improved debtor days can unlock better pricing and higher limits for revolving facilities. Transparent figures enable providers to shape proposals that align with your cash flow profile.
People, KYC and security expectations
Robust KYC is standard in UK business finance, especially for regulated professions. Early clarity on key people avoids delays once you proceed beyond the Quick Quote stage. Security expectations vary by product, amount, and lender mandate.
Who needs to be named
List directors, partners, or members with 25%+ ownership (or those in control). Provide full names, dates of birth, and home addresses for the past three years. Include the nominated authorised contact for all funding communications.
ID, AML and basic checks
Providers may run soft checks at enquiry stage and require standard ID and address verification later. Be ready to supply photo ID and proof of address for relevant individuals. Some lenders will request PEP and sanctions screening, which is routine.
Security preferences and options
State whether you are open to an all‑asset debenture, personal guarantees, or limited guarantees. For WIP or disbursement funding, expect a focus on assignment mechanisms and data access from your systems. For larger sums, lenders may consider property, but many law firm facilities remain unsecured or quasi‑secured against receivables.
Data privacy and confidentiality
Your information is processed securely and confidentially. We only share your details with carefully selected providers relevant to your enquiry. Best Business Loans acts as an independent introducer and never sells your data.
Setting realistic expectations
Guarantees of approval or fixed rates are not possible at the Quick Quote stage. Terms, amounts, and pricing are always subject to eligibility and underwriting. Being upfront about security and ownership helps narrow to the best‑fit providers faster.
Documents to upload and what happens next
A small set of documents can significantly enhance the quality of your indicative quote. It enables providers to assess your request efficiently and respond with context-specific options. You can upload documents securely during or after the Quick Quote.
Quick Quote document shortlist
- Latest filed statutory accounts (or management accounts if more recent).
- Last three months’ business bank statements (office account).
- Aged debtor report and, if available, a brief WIP summary by department.
For PII or VAT funding, also include the renewal schedule or VAT return as applicable. For disbursement or WIP facilities, providers may ask for sample matter listings or ledger extracts. These are typically requested after your initial match is made.
What happens after you submit
Our AI analyses your inputs and matches you with suitable lenders or brokers for your sector and request. You’ll receive introductions to providers who may be able to help, with no obligation to proceed. If you like the direction, they’ll outline next steps, required documents, and timescales.
Fair, clear and not misleading
We keep our communications balanced and factual to support informed decisions. We do not guarantee approval, amounts, or rates, and we don’t provide regulated advice. Any offer you receive will come directly from a finance provider and will include full terms and risk disclosures.
Key takeaways for law firms
- Be ready with firm identity, funding purpose, headline financials, and lock‑up data.
- Upload core documents to accelerate indicative terms and refine matches.
- Expect standard KYC and AML checks before any formal offer is made.
- Security needs vary; clarity on preferences helps target the right providers.
- The Quick Quote is free, fast, and without obligation — you stay in control.
If you’d like to learn more about typical facilities for legal practices, explore our page on solicitors and law firm finance options. When you’re ready, complete your Quick Quote and our system will guide you to relevant funding partners. It takes just a few minutes to get started.
Important information and transparency
Best Business Loans does not supply loans or make lending decisions. We introduce businesses to finance providers who may be able to help based on your profile. We may receive a commission from providers if you proceed, but this does not affect the information you give or the price you pay.
How to get the most accurate Quick Quote
Ensure your numbers are current and consistent with your documents. Be precise about timelines, such as PII renewals or VAT due dates. Note any material changes since your last filed accounts, including partner moves or department expansions.
FAQs
Will a Quick Quote affect our credit file?
A Quick Quote typically uses soft data for matching, and credit checks are usually performed later by the chosen provider. Any hard search would be carried out with your consent during the application stage. Providers will explain their process before conducting checks.
How fast can we receive an indication of terms?
Many providers can share early views within 24–72 hours once they have your basic information and core documents. Timelines vary by product type and complexity. Clear lock-up data and bank statements help accelerate responses.
Do you support start-ups or sole practitioners?
Our platform focuses on established UK businesses and does not currently support start-ups or sole traders. We can often assist established sole‑owner firms that operate as a company or LLP. Eligibility always depends on provider criteria.
What finance types are common for law firms?
Working capital loans, PII premium finance, VAT loans, disbursement funding, and WIP/receivables facilities are common. Asset finance and vehicle funding may also be available for operational needs. The right option depends on your purpose, cash flow, and lock-up profile.
Is this advice?
No. We provide introductions and general information only, not regulated financial advice. You should consider independent professional advice where appropriate.
Next steps
Ready to explore funding options for your practice? Submit your Quick Quote now and we’ll connect you with suitable providers who understand the legal sector. It’s free to enquire, secure, and there’s no obligation to proceed.