Personal injury and clinical negligence funding specialist BMS Funding has secured £2.5 million for Tegamus Law, a new alternative business structure (ABS) operating in the legal sector.
BMS Funding recently exceeded 1,000 funded personal injury cases per month with firms across England and Wales, and is now looking at new ways to assist the legal sector.
Its new funding solution is aimed at supporting ABSs, which were introduced in the UK in 2011 as a means to allow non-lawyers to have a financial stake in a law firm.
BMS Funding has secured funding of £2.5 million to help establish the new ABS, Tegamus Law.
Paul Havenhand, commercial director at BMS Funding, said of the new ABS: “We pride ourselves on being able to develop solutions which match the needs of our partners. We have created models that are working well for both clinical negligence and personal injury cases and will continue to fund these to help as many firms as possible. This is our first ABS funding solution and we are delighted to provide the financial means to enable Tegamus’ growth expectations.”
“We are delighted to have the support of BMS Funding to launch Tegamus,” said Tony Giannetta, director of the new business. “They bring so much experience in third-party funding in addition to all their expert contacts across the legal sector that we feel we have the best possible launch pad for our new venture.”
Havenhand added: “In order to be truly efficient, law firms need a consistent flow of good quality work, something which is often difficult without financial support, particularly for new businesses. By sourcing the right levels of funding, we are able to support Tegamus to ensure an even cash flow, aid their growth plans and also to increase the high quality, trusted options for their clients seeking legal support.”