Can our Professional Services team help you?
New opportunities for businesses and brokers alike
Professional Services head Andrea Delay explains what her specialist team does for its clients and how they work with brokers.
How can your team help brokers?
We are always seeking new business introductions. Brokers who have opportunities that may be relevant to the Professional Services team should get in touch to discuss their client’s needs. Also, my team is able to offer support and insight into the different industries we deal with including legal, accountancy, architecture and property. We have built up a wealth of knowledge and experience over the past few years.
Who are your clients?
Around 80% of our clients are law firms while the other 20% are accountants, property professionals, architects and actuaries. Our points of contact are usually the finance director or the managing partner within a limited liability partnership (LLP).
What makes your team a key player in the industry?
The Relationship Directors in the team have a real understanding of the industry and stay close to their clients. The principle is that, if we understand our clients, we can work with them proactively whether that's in regards to lending or specific products such as foreign exchange or liquidity management from Barclays that might benefit their business. That's the whole ethos – and why we operate an industry-focused model. If we focus on Professional Services clients then we can add more value to the market, plus we're hooked in with all the key stakeholders. We live and breathe the industry.
What size of businesses do you deal with?
In London, where our team is located and where most of our business is done, clients have fee incomes of £5m and over, as a broad rule of thumb.
Where do you source your business from?
We have relationships with 80% of the top 100 law firms and 50% of the top 200. But we also have business introduced to us, usually through brokers or the professional practice departments of accountancy firms.
What sort of finance are we talking about?
It varies but generally falls into two areas. The first is what we call partner capital loans. We are a big player and it’s a market that was given a substantial boost recently. In April 2014, the HMRC legislation changes for fixed salary members resulted in us providing an additional £100m plus of additional partner capital loans. The second area of financing is to the LLP or firm itself – so usually to fund growth for working capital, new IT and people.
Author: Andrea Delay, Head of Industry, Professional Services Team | Barclays