The Bar Council signs partnership agreement with Legal Cost Finance

9 March 2015

The Bar Council, which represents barristers in England and Wales, has announced a new service partnership with Legal Cost Finance (LCF), an innovative financial boutique that provides a payment solution tailored for the legal services market.

The Bar Council adds Legal Cost Finance to its list of Service Partners, which are selected on the basis of excellent service, and recommends its members to consider offering 'payment plans' to fund their current and future legal cases. 

Within the partnership agreement, LCF provides an FCA-regulated service to arrange 'payment plans' for consumers of barrister services on the basis of third-party credit agreements.  This offers clients greater convenience, affordability and access to justice. In practice, LCF provides clients with the option of paying for legal services by instalments over extended periods, while ensuring lawyers enjoy full payments of their bills on time.

Dr. Yuri Rapoport, CEO and founder of LCF, commented:

"We are delighted to announce this partnership with the Bar Council. Since our company's inception, we have focused our efforts on building a solution that is tailored for the legal services market and beneficial for both legal service providers and consumers.  This partnership is a great opportunity for us to contribute to the overall growth and development of the legal market.  We are confident that our 'payment plan' solution will become a useful tool for barristers, encouraging convenient and effective client relations." 

Paul Mosson, Director of Services at the Bar Council, commented:

"We are very pleased to welcome Legal Cost Finance as a Bar Council Service Partner. We believe that the service they offer will provide barristers with another valuable tool to secure work by presenting a payment solution for their clients, offering peace of mind to both the barrister and the client. This partnership further complements the Bar Council's portfolio of services that support the financial arrangements between barristers and their clients when used in conjunction with BARCO, the Bar's escrow account a solution that alleviates many financial concerns of the client and provides the Bar with a secure and trustworthy service to hold the client's funds throughout the process." 

Financing is provided by UK financial institutions, all of which are licensed under the Consumer Credit Act 1974 and/or the Financial Services and Markets Act 2000. 

The key benefits of LCF's 'payment plan' solution for members of the Bar are:

  • ability to secure more instructions from clients by offering convenient and affordable payment solutions
  • access to a convenient billing system that helps clients settle outstanding invoices, and 
  • guarantee of available funds to cover clients' future legal costs.    

Unlike 'litigation funding', which is limited to contentious legal cases and claims a stake in the proceeds of a case outcome, LCF provides 'direct financing' that is not restricted to any particular type of legal matter, is not tied to the chances of success and is available for all types of legal costs. 

For barristers, LCF provides peace of mind due to guaranteed payment from clients and the assurance of income streams from future billing through BARCO (the Bar Council's escrow account service).  LCF can also provide additional support for barristers through its cost control and dispute resolution services that pertain to the payment of barristers' fees. 

ENDS

Media Contacts

Natalia Davidenko (Presscode)

07571 803245

natalia@presscode.co.uk

Notes to Editors:

About the Bar Council:

The Bar Council represents barristers in England and Wales. It promotes the Bar's high quality specialist advocacy and advisory services, fair access to justice for all, the highest standards of ethics, equality and diversity across the profession, and the development of business opportunities for barristers at home and abroad.

Further information

www.barcouncil.org.uk

About Legal Cost Finance:

Legal Cost Finance (LCF) is a company providing payment solutions tailored for the legal services market.

Founded by Dr Yuri Rapoport B.Sc. SJD in 2013, the Company arranges 'payment plans' for consumers of legal services on the basis of third-party credit agreements. This offers clients greater convenience, affordability and access to justice, while lawyers enjoy full payments of their bills on time. 

Lawyers can also take advantage of LCF's 'payment plan' solutions to secure new instructions from prospective clients by offering greater affordability with respect to proposed legal costs. LCF enables legal matters to progress more efficiently by using effective client payment solutions, resulting in greater revenue for lawyers while offering easier management of legal costs for clients.

Since its official launch in 2013, LCF has arranged credit facilities in excess of £1 million. 

Legal Cost Finance is a limited company registered in 2013 in England and Wales with the Company House number 8685383. It is located at Park Lodge, Park Close, London SW1X 7PH. All credit brokering activity is performed by CreditLegal subject to FCA IP 660739.

www.legalcostfinance.co.uk

About Dr Yuri Rapoport:

After commencing his legal career in 1993 as a solicitor with a leading national law firm (Corrs Chambers Westgarth) in his home country of Australia, Dr Rapoport founded the world's first law broking firm (Prime Law Brokers) using research data about lawyers' professional performance to match consumers with the right legal practitioner.

Dr Rapoport is regarded as the world's founder of private legal referral services, and is credited with coining the phrase "Law Broker". With 20 years of experience dedicated to intermediary legal services, Dr Rapoport and his firm have assisted over 1 million clients to find the right lawyer, control the cost of legal cases, and manage the quality of legal services on behalf of individual consumers and companies.

Dr Rapoport has applied his expertise and working principles to establish a variety of consumer-oriented solutions that help individual users of legal services to achieve greater access to justice. 

About Paul Mosson:

Paul is a Director of BARCO and also Director of Services (Representation, Policy and Services) for the Bar Council of England and Wales. After setting up the Bar Council's Member Services function in 2008, Paul went on to architect and then lead the development of BARCO to deliver a bespoke escrow service to legal professionals, and their domestic and international clients. 

As a member of the Bar Council's senior leadership team, Paul continues to develop innovative solutions that support the provision of legal services through efficient practices.