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The Law Society signs exclusive partnership with Wesleyan Bank

The Law Society signs exclusive partnership with Wesleyan Bank

Wesleyan becomes the Law Society’s only endorsed finance provider for commercial and personal loans.

Wesleyan Bank, a leading provider of financial solutions to the legal sector, has signed an exclusive partnership with the Law Society. Under the terms of the agreement, the Law Society of England and Wales has chosen Wesleyan to be the only endorsed finance provider to their members for both commercial and personal loan products. This sits alongside a separate agreement with the Law Society of Scotland.

The pressure to attract and retain clients, discover more profitable partners and invest for growth have intensified cash flow concerns for sole practitioners and larger multi-site law firms. Professional indemnity insurance (PII) and the increased threat of IT security attacks from cyber criminals are now among the largest expenses that law firms can face.

Wesleyan Bank’s extensive commercial product range includes funding professional indemnity insurance, company tax, VAT, practising certificates, case acquisition and other regulatory fees.

The company can also provide short and long-term loans to facilitate partner buy-ins and buy-outs in addition to assisting law firms to invest in new assets along with IT hardware, software and related services.

Steve Deutsch, Chief Executive of Wesleyan Bank, said: “We are privileged to have been chosen as the Law Society’s preferred finance partner of choice and support thousands of legal firms across England, Wales and Scotland. Wesleyan Bank’s funding solutions have been developed in line with the expertise we have built over many years of working closely with law firms which distinguishes us from our competitors.

“As such we are committed to ensuring our products and services are bespoke to law firms’ specific financial requirements, be that cash flow improvements or investing in their long-term future.”

Wesleyan Bank has recently committed further investment to expand the company’s capabilities in the digital realm. This has included the development of new self service portals for tax, PII and practising certificate funding for legal professionals who would prefer to transact their business online.

Law Society President Jonathan Smithers said: “We are very pleased to endorse Wesleyan Bank for the provision of commercial and personal loan products and services to law firms.

"Throughout the endorsement process, we have been consistently impressed with the quality and standards presented. The endorsement is designed to bring additional membership benefits and assists Law Society members in making informed choices when purchasing business or lifestyle services and products.”

Wesleyan Bank is a subsidiary of Wesleyan Assurance which is part of the Wesleyan Group. In April 2016, Wesleyan completed its integration of leading IT finance provider Syscap to offer an extended and tailored product suite to enable law firms to release significant funding for investment and drive growth.

'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.

© 2020 Wesleyan Assurance Society