Legal-Bay said that the increase in credit facility agreed with a major institutional investor will provide more funding to small and mid-sized firms that need working capital quickly, reports the Wall Street Journal.
Working capital
The firm added that the catalyst to the increase was the substantial amount of business it provided to various accountants and Law Firms in Texas, Louisiana, Mississippi, Alabama, and Florida to deal with the large influx of claims filed due to the oil spill, and adequate staff to process them.
Chris Janish, Legal-Bay CEO, said that the firm’s BP Oil Claim Funding Division secured $10m for BP Economic Claim's for Plaintiffs needing working capital for their businesses. He added: ‘We have now secured enough capital for both sides of the BP funding market as well as traditional law firms nationwide from New Jersey to California who need working capital, whether associated with BP or not.’
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