Tealford Business Capital in Houma, Louisiana helps Terrebonne Parish, Louisiana law firms request business funding. The parish counted 64 legal services employers in 2023, 55 of them offices of lawyers. This page covers law firm lending, loans for case costs and payroll, partner buy-in loans, repayment schedules, lines of credit and the records partners read.
At a glance
- Legal services employers, Terrebonne Parish, LA
64 (County Business Patterns 2023)
- Offices of lawyers
55 (County Business Patterns 2023)
- Legal businesses without paid employees
68 (Nonemployer Statistics 2024)
Law Firm Lending in Terrebonne Parish, LA: The Firms Counted
County Business Patterns counted 64 legal services employers in Terrebonne Parish, LA in 2023, 55 of them offices of lawyers, with 207 employees and $12.9 million in payroll, about $62,502 per employee (our arithmetic); 73.4% had fewer than five employees (County Business Patterns 2023). ZIP 70360 held 50 legal services employers in the ZIP count (ZIP Code Business Patterns 2023).
Nonemployer Statistics counted 68 legal services businesses without payroll in 2024, with $9 million in receipts (Nonemployer Statistics 2024). Professional, scientific and technical services as a whole counted 241 parish employers (County Business Patterns 2023).
Loans for a Law Firm: Fees, Security and Guarantees Side by Side
- Rate and term, and whether the rate is fixed or variable.
- Fees for setup, draws or unused limits.
- Whether the loan is secured by receivables, equipment or a blanket lien.
- What any personal guarantee from each partner would cover.
- Prepayment terms if a large fee arrives early.
A firm with few hard assets is read on its billings, its collections history and its partners' credit. Comparing offers on total cost over the expected use is the fair test.
Law Firm Partner Loans: Clauses for a Buy-In
A partner buying into a firm borrows personally or through the firm to pay for a share of its capital and future earnings. Read whether the loan is personal or business, whether the firm guarantees it, and what happens to the loan if the partner leaves the firm. The partnership agreement governs how the buy-in is valued and paid; a lawyer reviewing it is outside what this site covers.
Law Firm Business Loans, Step by Step
- Name the use: case costs, payroll, an office move, a buy-in.
- Pull billing and collections reports and the receivables aging.
- Gather the firm's returns and statements.
- Send the request with the amount needed.
- Compare offers on total cost and security.
Illustration only, invented figures: a firm advancing expert and filing costs of $7,500 on each of 6 open matters has $45,000 out before any of them resolves (our arithmetic).
Law Firm Loan Repayment Schedules Set Against Uneven Fees
Some firms bill hourly each month; others earn on contingency, with large fees arriving when a matter resolves. A fixed term loan schedule suits a firm with steady monthly billings. A firm with uneven fee timing can find a revolving line fits better, drawing when costs are advanced and paying down when fees arrive.
Illustration only, invented figures: a $210,000 buy-in with $31,500 down, financed over 84 months at an invented 10.0% annual rate, carries a payment of about $2,963 a month (our arithmetic), paid whether or not a large fee arrives that month.
Law Firm Line of Credit, Worked Through on One Draw
Illustration only, invented figures: a firm with an invented $100,000 line draws $45,000 to carry payroll and case costs and pays it down 4 months later when a settlement fee arrives. At an invented 11.5% annual rate, the draw costs about $1,725 in interest over those months (our arithmetic).
Draws, paydowns and renewals are covered on the line of credit page.
An Office Move or Build-Out for a Houma, LA Firm
Illustration only, invented figures: a firm moving to a larger leased office spends $52,000 on build-out, furniture and technology, financed over 60 months at an invented 10.4% annual rate, about $1,115 a month (our arithmetic). Furniture and computers can carry equipment financing; build-out on a leased space leans on a term loan and the firm's records.
Accounting Offices and Other Professional Firms Read the Same Way
Terrebonne Parish, LA also counted 47 accounting, tax preparation and payroll offices in 2023 (County Business Patterns 2023). Like law firms, they hold few hard assets and are read on billings, collections and the owners' credit; a term loan can fund buying a book of clients, and a line can carry payroll between client payments.
Law Firm Financing Options: The Records a Partner Reads
- Firm tax returns and year-to-date financial statements.
- Billing, collections and receivables reports.
- Business bank statements.
- The partnership or operating agreement, for a buy-in.
- The lease and quotes for any office move.
Working capital, term loans and the Houma, LA page cover the rest.
By Tealford Business Capital · Updated