White Oak partners with Law Society and aims to lend £80m in Scotland in 2023
Non-bank lender, White Oak, has inked a fresh partnership with the Law Society of Scotland, further deepening its footprint in the Scottish market.
The initiative is set to offer flexible funding options to Law Society’s 12,000 Scottish solicitors and their clients, bolstering their growth aspirations.
The partnership will leverage White Oak’s on-the-ground presence in Scotland, where it operates from a Glasgow office. The lender has already displayed strong support for the Scottish market this year, previously announcing a partnership with the Institute of Chartered Accountants of Scotland (ICAS), building inroads with SMEs in the professional services space in need of funding for growth and cashflow support.
Scotland represented a significant 15% of White Oak’s lending activity in 2022. This new alliance with the Law Society is predicted to boost the lender’s Scottish presence further, contributing to its ambitious goal of lending £80m to Scotland in 2023.
Christian Elson, head of strategic origination partnerships at White Oak UK, said: “While legal firms have the appetite to grow, we often see expansion plans put on hold due to cash flow constraints caused by issues like delayed legal aid payment or the growing lead time for casework.
“Our job is to bridge the funding gap so ambitious firms can target long-term growth, which is why partnerships like this are so important, enabling us to expand our reach across the legal industry while providing our members and their clients with flexible and reliable funding options.”
Jack Rowberry, business development manager at the Law Society of Scotland, added: “I am very pleased to welcome White Oak Finance to our Member Benefits programme.
“One of the main benefits of law firm financing is that it can aid business growth by providing solicitors and our members with the necessary funding to promote their business, enhance the client experience, and recruit the people they need to allow their business to thrive. I sincerely look forward to building on our relationship.”