I realize this may come across as an advertisement… and yet I am going to say ‘however…’
This new service by the International Factoring Association where they announced the launch of an Attorney Locator Service is great. Do you realize the number of factoring companies that have clients in other states and markets? When a problem or concern arises in these other states, having an attorney that understands those state laws can be invaluable.
For example, I have had that fated call from a factor where they needed a local attorney (in that market)… they needed them to help but to also understand factoring. They called someone from the Internet. In fact, this one factor I spoke with spent several thousand dollars on the education process for the attorneys, only to find out the attorney they were using learned ‘a little too late.’ The attorney’s initial complaints did not address the proper arguments; they actually approached the suit as a ‘consumer’ suit… their reasoning had little to do with factoring or the sale of a receivable… let alone payment over notification. After all the legal fees and ‘education,’ the factoring company actually dropped the suit due to the legal fees (costs versus reward). A “pre-screened” attorney, endorsed by another factoring company, could have saved them money… and resolved their lawsuit. I wish this service had been around several years ago.
Although it seems basic, factoring does require a special niche in the legal realm. Those attorneys who have experience in this segment of commercial finance can help, where others may spend your dollars educating themselves on our industry: factoring.
So, today, this new service through the IFA is designed to match factoring companies, asset based lenders and other receivables finance companies with the right attorney for their needs. This free service can be accessed on the IFA’s website at Attorney Locator Service link and by selecting attorneys in the vendor category listing. The IFA’s Attorney Locator Service is searchable by geography and practice area and provides a simple, reliable way to find a law firm which has been “pre-screened” by a peer. Attorney specialty practice areas which are searchable include Bankruptcy, Collection/Litigation, Article 9, Contract Law, General Business, Litigation, Tax Law and Factoring.
Since these attorneys have been “pre-screened,” it makes it more efficient and more reliable for identifying an attorney who can help when the time comes… and it will. So, yes, this seems like an advertisement… but it somewhat is. I do endorse it and wanted to be sure to share this link, as it adds value to us all.
Wishing you success. The Factor Guru.