Law firms in Yorkshire are being encouraged to put forward their early-stage business clients for a scheme that will see their professional fees paid by the regional development agency.

West Yorkshire Ventures, part of the regional development agency Yorkshire Forward, has spent £200,000 on clients' professional fees since the beginning of April. The annual budget is £1.3 million.


Firms that have taken part in the scheme include the local arms of national firms Eversheds and Pinsent Masons as well as Leeds firms Fox Hayes and Godloves.


West Yorkshire Ventures aims to help launch some 500 businesses a year, each with the potential of achieving a £1 million turnover within three years.


Anne Salisbury, manager of West Yorkshire Ventures, told the Gazette that the agency was keen to widen the pool of firms it works with.


She said: 'We will pay for what the client needs most. We use our money to remove hurdles, for example to help businesses negotiate contracts on a level playing field.'


The fund can also be used to pay for the likes of heads of terms agreements, software licences, and initial standard documentation.


Link: www.wyventures.co.uk