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Cost Advance

Novitas will advance the solicitor up to 70% of their bill of costs once a case has settled
Cost Advance

Novitas will advance the law firm up to 70% of their costs once cases have been settled, this can include disbursements and VAT. Cases can be clinical negligence (CN), personal injury claims (PI) or commercial, and for both litigated and non-litigated cases.

 

 

In Partnership with:

 

The loan is provided as a revolving facility, the law firm drawing down funds directly into their office account against specific cases. The size of the loan facility is agreed on a firm-by-firm basis. Each loan will be for a maximum 6 month term but can be extended for up to further 6 months on agreement with Novitas.

Key benefits

  • Improved cash-flow - money paid straight to law firm account
  • Improved third party relations - cost consultants paid upfront
  • Simple administration - on-line system; just select case and the amount to draw
  • Fast payment - money received within 72 hrs from request
  • Flexible - funding provided as a facility, draw down on a client by client basis
  • Simple commercials – fixed admin fee per case, interest taken monthly
  • NO personal guarantee needed from solicitor
     
     

What our clients say.

We are delighted that Novitas have introduced this innovative new lending product for contested probate matters. The loan enables genuine claimants to gain access to justice at a timeof great emotional difficulty.

Martin Holdsworth, Partner, Jones Myers

Novitas provides an invaluable service to family law practitioners and clients where immediate cashflow is a problem. I would recommend Novitas without hesitation.

Emma Harte, Partner, Alexiou Fisher Philipps