Bank lending to UK law firms has jumped to £7.35bn – a rise of 28 per cent – in the last five years, according to research.
LDF, the finance provider that conducted the study, says the boost comes as practices seek to expand, retain key personnel and develop IT.
Peter Alderson, managing director of LDF, said: “After some very difficult years during the recession, when lenders were very wary of their exposure to the legal profession, it’s encouraging to see law firms able to access the funding they need to invest and grow.”
British law firms reported solid financial results this year and many appear to be expanding, but not all lending is up, according to LDF, which compiled the research through analysis of Companies House reports.
Short-term loans from business overdraft facilities are down 23 per cent from £2.4bn in 2011.
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