Our solutions
Work in Progress (WIP) Funding
Once a personal injury matter settles, your firm's work is complete, but the wait to realise your professional fees is not. Providior's WIP funding solution bridges that gap between settlement deed execution, and completion of clearances required before funds are paid into trust.
This allows you to meet your ongoing business commitments and focus on growth and the future.
How can WIP Funding work for your business?
Law firms, particularly those with a Personal Injury practice, carry files and associated professional fees through Work in Progress (WIP) for prolonged periods. Even when a matter has settled, the actual receipt of fee revenue can be delayed for up to 12 weeks, placing additional pressure on cash flow.
WIP loans can be used by firms to bridge the gap when a substantial win has been achieved, but where the attached revenue is still pending and overheads still need to be maintained.
Our products
Need a funding solution specific to your firm?
Providior's funding products were built by finding solutions to complex problems. If your funding requirements sit outside Providior ONE or Providior Premier, our team can work with you to structure a solution built around your practice.
How does WIP funding work?
01
Submit invoices
WIP loans can grant businesses access to the value of invoices that they have issued to clients but not yet been paid due to the pending release of settlement funds from personal injury matters.
Loans assessed and issued
With an ongoing WIP facility agreement in place, a firm can submit a settlement deed to Providior as proof of pending income and Providior will advance a percentage of that amount to the firm as working capital.
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03
Loan settlement & interest
When the fee revenue is realised, the loan is repaid. A rate of simple interest is calculated on a daily basis and applied to the final amount at time of repayment.
WIP facilities are available to Providior law firm clients with a Disbursement Funding facility in place. A WIP Agreement is typically established alongside the Disbursement Facility Agreement and can remain inactive until required. WIP advances are offered to clients with a proven track record in case selection, file velocity and successful matter outcomes.
Designed as a short-term funding solution, WIP funding helps firms maintain capacity and continue taking on new matters between major settlements. Contact us to discuss how Providior can support your team.
