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Firms turn to partners as banks tighten lending
Banks are tightening lending to law firms - attempting to secure borrowings against individual partners rather than lending to limited liability partnerships (LLPs). The move means law firms seeking to strengthen their financial position may be forced to receive additional capital from individual partners - rather than through traditional routes such as bank loans and overdrafts. By increasing lending to partners, who then pay the cash into the firm, it means banks gain security over the individual partners' assets, such as property, at a time when growing numbers of firms are operating as LLPs and law firm borrowing is increasing.
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