As banks become less eager to lend to law firms, it pays to have a strategy in place for when banking facilities come up for renewal
Historically, banks have often lent to law firms on the basis of their brand credibility. However, growth is much more moderate in the current climate, particularly in the mid-market arena, and turning a profit is now more challenging than ever before. Law firms are facing a highly competitive market and increasingly cost-conscious clients. Banks are recognising this and are starting to change their approach to lending, bringing it more in line with other sectors.
