Expansion go-ahead for legal directory firm
LOCAL Legal Directories, the Wakefield company behind an innovative online directory of legal firms is set to roll out its service across the UK after securing a £35,000 loan.
The funding, which has been provided by Lloyds TSB Commerical, is through the Government’s Enterprise Finance Guarantee (EFG) scheme and will be used to create additional sites.
Local Legal Directories was established last year and more than 700 lawyers in Yorkshire are now featured on www.yorkshirelawyer.co.uk.
Unlike other traditional directories, the impartial website enables users to compare firms and lawyers based on individual profiles and details of specialisms, accreditations and specific legal expertise.
On the back of this success, www.northwestlawyer.co.uk has been launched and additional sites are planned for the Midlands, North East, South West and South East.
All six websites are due to be operational by early 2010 with subscriptions from lawyers and firms featured on the sites set to generate £900,000 turnover next year.
Local Legal Directories currently employs a team of five from its Wakefield base and intends to increase headcount and open additional offices across the UK over the coming 12 months.
Justin Lister, managing director of Local Legal Directories, said: “Over the past two years, we’ve built upon our background in legal marketing to successfully develop a strong base of contacts in the legal sector who recognise the benefits of providing detailed information to potential customers in a way that enables them to easily compare services and contact local specialist lawyers and solicitors.
“It’s a daunting time to embark on a new venture but having a supportive banking partner has made a huge difference to our confidence and helped put us in a strong position to launch the new sites.”
Prachi Grover, relationship manager at Lloyds TSB Commercial, said: “By offering an innovative and impartial service, Local Legal Directories has developed a strong format which is ideally suited to a national roll out.
“Justin’s hard work is now paying off and we’re continuing to work with him and his team to ensure they have the right financial structure in place to support the business as it expands.
The £1.3bn EFG scheme sees the Government guarantee lending to viable companies with a turnover of up to £25m to ensure that they can access working capital and investment funding.
