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Legal Business Loans

Use SBA loans to help grow your law firm

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Can your small law firm afford the pricey tech that clients now expect

For law firms and businesses offering legal services, the biggest challenges often come down to cash flow and capital. Many legal service providers struggle with client payments that are delayed or inconsistent, creating a gap in income that can make it difficult to cover operating costs like rent, salaries, and administrative expenses.

Then there’s the cost of technology and software. In today’s market, legal tech is no longer optional; clients expect their law firms to offer secure client portals, efficient case management systems, and advanced tools for document review. However, these technologies can be pricey, and smaller firms may find it hard to finance these necessary investments while staying competitive. On top of that, rising rent and inflation are squeezing margins, making it difficult for firms to invest in growth.

Regulatory compliance is another constant challenge. Legal businesses must adhere to various state and federal regulations, which sometimes change unexpectedly, requiring unplanned updates to systems and training, adding bottom line expenses.

SBA Loan for Law Firm and Legal Business Loans

With legal services expanding, smart financial investments are key

Demand for legal services is growing, with the U.S. legal market expected to grow at a 4.1% CAGR by 2030, driven by increased needs for specialized expertise and corporate compliance. To stay competitive, law firms need to invest in technology and talent.

By using the right financing, legal businesses can manage sustainable growth while meeting their client’s needs. The Small Business Administration (SBA) offers loans designed to provide small businesses with flexible financial solutions. The SBA 7a loan program, one of the most popular, provides up to $5 million for a range of needs, including managing cash flow, covering payroll, and purchasing office equipment. It’s also ideal for investing in technology, hiring staff, or expanding office space.

For substantial investments like purchasing office space or upgrading premises, an SBA 504 loan is an excellent option. It offers long-term, fixed-rate financing for real estate or high-cost equipment, providing firms with stability and flexibility.

First Bank of the Lake has worked with many small businesses, helping them navigate the complexities of SBA loans. With over $1.1 billion in SBA loans provided, we understand the unique challenges faced by the legal industry.

The Numbers

in Loans 2024

Largest SBA Lender^

Small Businesses Helped 2020-2024

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