Law Firm Business Loans

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Law Firm Financing

It can be difficult for lawyers to talk about financing options because their profession is synonymous with making good money, but most people don’t realize that it takes a lot to get a law firm off the ground, and there are often long periods in which invoices go unpaid. If you’re ready to establish your own law firm or need to improve your cash flow, it may be time to get a law firm business loan.

Applying for law firm financing is fast and easy:

Fill out a simple and fast online application in just minutes

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Receive funds from $5K - $1,000,000+ towards your business needs

Absolutely no negative impact on your credit score, ever.

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What is a law firm business loan?

A law firm business loan is a loan that helps law firms get established or ease the cash flow problems that are so common for businesses that deal with large invoices and contracts. These loans typically come in the form of a lump sum you pay back over a fixed term of months or years, but alternative funding options are also available.

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PNC Bank

PNC Bank

Funding: Borrow up to $100,000
Minimum Credit Score: 720
Best For: Bank business line of credit & loans
Estimated APR: 12.24-14.24%
Funding turnaround: as fast as same business day

With PNC Bank, borrowers can obtain a line of credit with impressive interest rates and get funded as fast as same business day. Best for borrowers with high credit scores who can provide a personal guarantee.

SBA 7a

SBA 7(a) loan

Funding: Borrow up to $5,000,000
Minimum Credit Score: 650
Best For: SBA loans
Estimated APR: 5.50-8.00%
Funding turnaround: Varies.

The SBA 7(a) program features lenders such as Wells Fargo in their network and provides capped interest rates and long repayment term flexibility. Term loans and lines of credit access available. Typically, collateral will be required with a personal guarantee. Funding times vary and may be longer than most other lenders.

Credibility Capital

Credibility Capital

Funding: Borrow up to $500,000
Minimum Credit Score: 650
Best For: Term loans
Estimated APR: 6.99-24.99%
Funding turnaround: Varies.

With Credibility Capital, borrowers with strong credit can obtain small business loans with attractive rates. A personal guarantee along with a business lien and revenue may be required to qualify. Note: This lender provides funding for all states except for North Dakota, Nevada, South Dakota, Vermont.



Funding: Borrow $5,000 - $250,000
Minimum Credit Score: 600
APR: 15.00-78.00%
Loan term: 6-12 months
Funding turnaround: 24-48 hours

With BlueVine, borrowers can get approval as fast as 24 hours and obtain a business line of credit for short term capital needs while only paying interest on the funds you borrow.

How does a law firm business loan work?

Whether you need additional capital to cover expenses until your accounts receivable are paid, need to establish new premises, or want to invest in a big marketing campaign, a law firm business loan may be the right choice for you. You apply for a suitable loan for your circumstances, follow the application process, submit the necessary documents, and once approved, receive a lump sum in your bank account, typically within 2 days of getting approved.

Why do lawyers need financing?

While law firms do bring in an average of $500,000 per lawyer per year, this money often comes in as and when it pleases. Depending on your invoice payment terms, you may find yourself short for your expenses, despite waiting for more money than you need to cover them.

How do you finance a law firm?

There are plenty of different ways to finance a law firm, though it will depend on your circumstances as to the best option for you. You can utilize SBA loans, term loans, invoice financing, and more. We’ll talk you through your options below.

What are the benefits of law firm business loans?

  • You don’t have to trade some of your ownership in the firm for financing
  • Give you more working capital
  • Some law firm loans are designed specifically for law firms
  • You can expand your firm
  • Invest in new software
  • Get training for you or your staff
  • Hire new staff members

What are the different types of law firm financing options?

  • Revenue-based financing: some lenders allow firms to borrow money based on their future revenue. This generally works like a merchant cash advance (often more suitable for retail businesses) because you pay back the loan with a percentage of all future income.
  • Personal cash: if you’re looking to start a new firm, it makes sense to use some of your savings to start your business. You can also use 401(k) loans or home equity loans, which may offer you better interest rates than other options for a new business than lenders will.
  • SBA loans: The Small Business Administration offers a wide range of loans that may be suitable if you’re looking to grow an existing firm, as they generally only offer loans to those who have been in business for 2 years and have a credit score of 640 or more. Their SBA 7(a) loan is the most popular, but if you’re looking to invest in real estate their 504 loans may be more suitable. They also offer Microloans, which are loans of up to $50,000. Rates are typically low for SBA loans, ranging from 2.5% to 12%, with terms of 5-10 years on average, though loans for real estate are for up to 25 years. The downside of SBA loans besides their high qualification requirements is it usually takes 4-12 weeks to be approved and receive your funds.
  • Business credit cards: Business credit cards may be suitable if you’re looking to smooth your cash flow and pay for minor expenses. Business credit cards usually have higher rates, ranging from 5% to 35%. However, you may be able to get a card that offers you perks for your spending.
  • Private equity funding: private equity funding is a good idea if you’re looking to expand quickly, but you usually have to give up most of your ownership in the company to get it. (Find out more about private equity funding here.)
  • Line of credit: a line of credit works much like a credit card, in that you have a set limit and you can use as much or as little credit within that limit as you choose, only getting charged interest on what you use. Most lines of credit are revolving, though some you “use up” the credit, and then the line is closed. This is a good option if you want flexible borrowing with a higher limit than the average credit card.
  • Accounts receivable financing: if you’re experiencing cash flow problems, accounts receivable financing may be the best choice for you. In this form of financing, you borrow the money you’re waiting for from an issued invoice from a third party and pay it back when your client pays you.

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What are the pros & cons of law firm financing?


  • You can smooth your cash flow
  • You can take advantage of new opportunities
  • Hold onto cash and borrow when necessary
  • Hire new team members
  • Invest in real estate
  • You are generally considered a good business to lend to, due to the average revenue being high


  • You may have to give a personal guarantee
  • The application process can be lengthy
  • Interest rates or fees may be high
  • It may cover up a cash flow leak that needs fixing

What are the common types of expenses in law practices?

Common expenses for law firms are:

  • Payroll
  • Court filings
  • Accounting and bookkeeping
  • Professional fees
  • Marketing
  • Real estate purchase or renovation
  • Insurance
  • Bar association fees
  • Taxes
  • Research and software fees
  • Utilities
  • Internet and phone access
  • Tech (laptops, tablets, desktops)
  • Cloud storage and cyber security
  • Website fees
  • Clothes
  • Vehicle

How can you qualify for a law firm business loan?

Your first step to qualify for a business loan is to decide what form (or forms) of business loan are right for your circumstances. Once you’ve narrowed down your options, you can find out what lenders typically require. You’ll need:

  • A credit score of 600 or more for most loans
  • A positive industry reputation
  • A good income-to-debt ratio
  • You may need to put something up as collateral to secure your funding
  • A strong business plan
  • Financial documents proving your revenue or personal financial situation

Where to find business loans for law firms

We’ve found some of the best business loans for law firms, so start your search by looking through our comparison tables to see what’s available to you.

Apply for a law firm business financing

The good news is that as a lawyer and law firm, you’re often seen as a trustworthy candidate to lend to – especially if you have high accounts receivable and revenue reports to prove that you’re generating income. Your next step is to compare rates and start the application process.

The application will usually require you to submit financial reports and forecasts, as well as a business plan to show that your business is a good candidate. Once you’ve completed your application and been approved, you’ll usually receive funds within 24-48 hours.

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