Financial Synergy Limited (“FSL”), who has worked with the Auckland District Law Society for the past two years, has developed a product called Practice Fee Funding (“PFF”) whereby law firms have the option of paying their practising fees by monthly or quarterly instalment.

The PFF product has been developed with the Auckland District Law Society so that they can provide their members with a viable and affordable cash flow option to allow payment of their annual practice fees by instalment.

Practising fees are traditionally required to be paid by the end of January each year. Coming up with the required funds can be difficult during the reduced billing period around Christmas and January holidays.

Paying by instalment has several benefits;

• Law firms can manage their cash flow during the holiday period when billing times for clients are substantially reduced and working capital requirements are at their peak;
• Firms can optimise working capital for other areas of their business operation;
• The cost of credit is 100% tax deductible for businesses;
• All costs are disclosed up front and the interest cost is fixed for the duration of the contract;
• The facility is simple to set up and firms can nominate their own instalment options and the preferred day of the month in which the money is direct debited from your account.

The Practice Fee Funding facility has been designed to make the entire process simple and easy. An application can be made online at FSL’s website www.financialsynergy.co.nz. Once this is completed the website electronically emails back the required documentation which can then be signed and returned in order to set up the facility. The final deadline for those wishing to use this facility to pay their annual practising fees is usually around the 27th of January.

Once contracts have been approved, FSL will pay invoices in full to the Auckland District Law Society by the due date.

Please feel free to contact Cara Smith at Financial Synergy on 366 0742 or email Cara at csmith@financialsynergy.co.nz if you would like to know more about the PFF product.