Finance Scheme for Members - 2021/22

01/11/2021

Firms can access competitive short-term finance through the Law Society Scheme.

Finance Scheme 2021/22

The Law Society is pleased to advise that, following a tendering process, it has again partnered with Bank of Ireland as an exclusive provider of a facility for members and firms who wish to finance payment for their professional indemnity insurance, practising certificates, preliminary tax or pension contributions.

Bank of Ireland is very aware of the financial calls on solicitors and their practices at this time of year and, with this in mind, has a range of short and long term financial solutions to meet your needs.

Short term lending rates

Bank of Ireland can provide short term finance for up to 11 months to members and firms.

You must have a proven credit track record and meet standard lending criteria, so the cost of large annual payments can be spread over up to 11 months.

The scheme offers a highly competitive unsecured rate of 5.58% (2021: 5.75%) and has a minimum loan amount of €5,000. Repayments vary depending on amount borrowed. The table below shows some examples:

Loan Amount

Interest rate

Term in months

Monthly Repayments

Total Cost of Credit

€5,000

5.58%

11

€467.27

€139.97

€10,000

5.58%

11

€934.53

€279.83

€15,000

5.58%

11

€1,401.80

€419.80

€20,000

5.58%

11

€1,869.06

€559.66

Rates quoted are correct as at 4 October 2021 and are subject to change.

Making an enquiry

Bank of Ireland has a team of experienced business bankers who are familiar with lending to solicitors, and our local business team would very much welcome an opportunity to talk to you about your financial needs.

To apply for a loan today, simply apply online at www.bankofireland.com/businessloans.  To complete the lending application form you will need up to date financial information.  As with all borrowing, normal lending criteria, terms and conditions apply

You can contact the dedicated Business Direct Line on 0818 210 614 (option 3) or email businesslending@boi.com or you can contact the Law Society of Ireland at financescheme@lawsociety.ie.