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Award-Winning Scottish Solicitors select Wesleyan Bank as trusted fianance partner

Award-Winning Scottish Solicitors select Wesleyan Bank as trusted fianance partner

The business

Allan McDougall Solicitors have been providing legal advice to clients throughout Scotland since the 1920s and have cemented a long-standing reputation as approachable experts. The award winning firm, which won the ‘Support Team of the Year’ category at The Law Awards of Scotland in 2015, operates nationally from four offices in Edinburgh and Midlothian.

Allan McDougall provide a range of legal services that individuals need in various situations throughout life. The company’s personal injury team is one of the largest in Scotland and has expertise in all types of claims, including workplace accidents, work-related diseases, road traffic accidents, medical negligence and public liability claims. In addition, the firm has a market-leading property team in Edinburgh and Midlothian helping clients buy, sell or let properties.

The challenge

Professional Indemnity Insurance (PII) can represent one of the single largest expenses that a law firm can face annually. It is compulsory for solicitors to have PII in place for the entire time they are practising which they must demonstrate to their regulator as part of the practising certificate renewal process.

Gordon Bathgate, Managing Partner of Allan McDougall Solicitors, is a specialist in employment law and personal injury cases and has over 25 years’ experience having joined the firm as a trainee. Gordon explains, “PII is an essential requirement for us as we can’t trade without it, however funding this can be very expensive. We secured a quote for PII renewal and other flexible finance solutions to enable us to remain compliant without negatively impacting our day-to-day cash flow.”

The solution

After initially consulting the firm’s business bank, Gordon conducted research into alternative finance providers and was impressed by Wesleyan Bank’s credentials. He comments:

“Wesleyan Bank was recommended by The Law Society of Scotland as its financial strategic partner and has an implicit understanding of the legal market and PII funding having worked with many leading law firms. We were able to liaise with a dedicated Business Development Manager from Wesleyan throughout. He was able to secure us the appropriate level of PII funding with a competitive payment over time proposal tailored to our needs.”

As well as funding the firm’s PII premium, Allan McDougall has also taken advantage of Wesleyan Bank’s flexible VAT funding solutions. Wesleyan’s simple and unsecured VAT loans enable companies to spread the cost of their liability over 3-12 months to give them greater predictability over their cash flow so they can avoid peaks and troughs.

The results and benefits

Allan McDougall has been relying on Wesleyan Bank’s superior service levels and tailored finance solutions for the last four years and is happy for the relationship to continue as the firm evolves in the future.

Gordon adds, “PII and VAT returns represent a sizeable outlay for any professional practice but particularly for a firm of our size which has been very successful. Wesleyan Bank has developed an extensive range of financial products specifically for law firms which are very competitive alongside the rates of high street banks, helping us to preserve essential working capital for other areas of the business.

“Wesleyan has always delivered a prompt and reliable service and we have developed a good connection with our dedicated Business Development Manager who is knowledgeable and thoroughly understands our needs.”

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

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