Funding Products
Providior Accelerate
WIP Funding for Personal Injury Law Firms
About Providior Accelerate
Providior Accelerate is our WIP funding solution. It is a working-capital facility that advances up to 50% of a personal injury law firm's professional fees once a settlement deed is signed, so cash isn't tied up for 8-12 weeks waiting on the clearance of settlement funds.
As a funder to personal injury law firms nation-wide, Providior understands that even once a settlement deed is signed, getting cash in the bank still takes 8-12 weeks. This is a further constraint on a practice's resources and can hinder growth.
Work-in-progress or WIP funding is distinctly different from disbursements funding. Disbursement funding covers IME reports and other valid disbursement outlays on a matter while it is on foot. In contrast, WIP funding advances a percentage (typically 50%) of the professional fees invoice once a settlement deed has been executed by the plaintiff/defendant parties.
Providior's work-in-progress (WIP) advance product, Providior Accelerate, bridges the gap between the signing of a deed and the receipt of professional fees by the practice.
This enables a firm to accelerate the availability of cash in-flows to fund important initiatives in marketing, personnel hiring, or other critical capacity requirements.
Challenges for PI firms
Personal injury law firms face a common bottleneck: revenue that is earned but not yet accessible. Even after a matter settles, firms are left waiting on funds that are already owed to them, and that wait creates real pressure on the business.
Common challenges include:
01
Slow settlement clearances
Delays in the various clearances required for settlement funds and related professional fees to be received
02
Growth on hold
Constraints on a firm's ability to hire and deploy the necessary personnel, technology, and marketing capacity to fuel sustained growth
03
Cash flow squeeze
Bills piling up and new matter intake remains strong, yet fee revenue is stubbornly locked up in the post-settlement process.
The Solution: Providior Accelerate
With an approved limit in place, Providior can advance a percentage of the value of an issued invoice on a settled personal injury matter, giving firms access to funds immediately.
A 3-month term and an optional 3-month extension where sustained delays are experienced, to support the firm's cashflow. Interest will either be serviced monthly or accrued to the repayment date. As soon as the settlement funds are received into trust and the firm can collect payment, Providior's WIP advance is due to be repaid.
Benefits
Activating an advance is simple, with funds available within 24 hours and released directly into your firm's bank account. You can choose to accrue interest to the end of the loan term to preserve cash, or pay it monthly to reduce the overall interest bill, whichever suits your firm's cashflow needs.
Advance funds can be put straight to work, whether that's investing in growth now or building toward your firm's future goals. You also have the flexibility to selectively activate advances on invoices as needed, so you can accelerate cashflow exactly when it matters most. There's no cost to keeping the limit in place when you're not using it, and when a delay does hit, funds can be released rapidly, so your plans aren't left waiting on slow settlement clearances.
How it Works
01
Apply for a limit
Submit your application and receive approval within 3 business days.
02
Keep your limit ready, at no cost
Your limit remains available at no cost while undrawn, so it's ready whenever you need it.
03
Activate an advance
Once a settlement deed on a matter is signed, submit the deed and your invoice to activate an advance of up to 50% of the invoice value. Funds are released within 24 hours.
04
Put funds to work
Funds are paid straight into your general account. A 3-month initial term applies while you wait for the settlement funds to be received.
07
Meet monthly interest payments
Interest is paid on the 30-day anniversary of the loan until repaid in full.
06
Repay the advance
Once settlement funds are received and your trust compliance actions are completed, funds are remitted to Providior to repay the advance.
05
Keep the facility in place
There is no charge to keep the facility in place should you wish to activate it on a future matter.
Frequently Asked Questions
How much can I advance on a file?
Can I advance funds on more than one invoice at a time?
What is WIP funding?
What other practice areas do you provide WIP funding for?
What do I need to submit for an advance to be processed?
How do I apply for a WIP funding advance limit?
How much will WIP advances cost?
Unlock your capital today
Let Providior carry the burden of disbursements for you and use your capital to invest in the growth of your business.
