In this blog, we discuss four key short-term strategies for trial lawyers to grow your firm now.

You know how to take care of your clients, but who takes care of growing your plaintiffs law firm?

Growing your law firm may feel like a Herculean task, especially if you run on contingency fees. You’re always on. Long-term financial planning feels like a pipedream while you wait for settlements and case wins to pay out. But what can you do in the short term to ensure your firm’s success?

Here are four effective, short-term growth strategies for trial lawyers to boost your contingency fee law firm’s growth.

4 Effective Short-term Growth Strategies for Trial Lawyers

Strategy 1: Choose a financial partner who understands the contingency fee business model

While growing a contingency fee law firm independently is possible, having a strategic financial partner that knows how to valuate contingent case inventory can make the process smoother and more effective. Capital is key to fueling law firm growth, and healthy financial management is the foundation for sustainable law firm success. That’s why selecting a financial partner with legal industry expertise and familiarity with the contingency fee business model is crucial to scaling your firm.

A strong banking partner that understands the unique needs of contingency fee law firms will provide tailored solutions like flexible financing and credit facilities, technology referrals, and expert financial advice for case management and case resources — helping you navigate the complexities of running and expanding your practice.

Take action:

Meet with an Esquire Bank law firm banking expert to discuss your firm’s growth aspirations and business needs.

Strategy 2: Manage irregular cash flows with case cost financing

Contingency fee law firms face constant cash flow challenges due to the feast-or-famine cycle and the extended duration of cases before a settlement is reached. Additionally, for firms that self-finance, the firm’s capital tends to be tied up in case resources, inhibiting its ability to pursue growth initiatives. The key to overcoming this challenge is ensuring steady cash flow so you can confidently invest in growth.

One immediate solution is to leverage Case Cost Financing to finance case expenses and free up capital. Instead of waiting for settlements, you can borrow against the future value of your contingent case inventory and reinvest that capital into growth-focused areas like marketing, hiring top talent, or upgrading technology. This approach eliminates the opportunity cost of self-financing case expenses and locking up capital. Instead, it frees up cash for strategic investments.

Take action:

Request information about Esquire Bank’s Case Cost Financing from an Esquire Bank law firm banking expert and then meet to discuss how to stabilize your cash flow, avoid financial bottlenecks, and ensure you have the runway to grow in the next two weeks.

Strategy 3: Expand core business functions with a working capital line of credit

Could your law firm really benefit from a digital marketing campaign for the next quarter, but you haven’t budgeted for a media buyer or ads support? Is there a legal tech platform that could bump productivity within the firm and solve some bottlenecks, but you are too bogged down in the day to day to incorporate it?

In many cases, contingency fee law firms experience a demand for their services that exceeds their current capacity. In the short term, this presents both a challenge and an opportunity. To meet the growing demand, you need to expand your core business functions — whether that’s by increasing marketing efforts, improving intake processes, or investing in technology to boost productivity.

Esquire Bank’s Working Capital Line of Credit is designed to address these short-term needs. Rather than waiting for cases to close and cash reserves to build up, you can access the necessary funds to expand your operations now. This short-term capital injection allows you to seize growth opportunities as they arise, ensuring that your firm can meet demand and continue growing without financial bottlenecks. Or you might just need to bridge your operations and keep the lights on until cases settle.

Whether it’s investing in lead generation, upgrading technology, or opening new markets, short-term access to working capital gives you the flexibility to grow your firm quickly and efficiently.

Take action:

Inquire about a working capital line of credit by meeting with an Esquire Bank law firm banking expert within the next month.

Strategy 4: Review and tailor your financial moves

While the ultimate goal is sustainable law firm growth, it’s important to remember that many of the decisions you make today can have an immediate impact on your law firm’s trajectory. That’s why it’s important to ensure that your next financial move makes sense for the exact growth stage you are in.

For example, if you’re in the early stages of building your law firm, quick access to working capital can help you hire staff or ramp up marketing to bring in more clients. For larger, established law firms, case cost financing provides the capital needed to expand into new geographic areas, hire executive-level talent, or take on bigger cases.

But the bottom line? It’s critical to partner with a financial institution who understands your business model and can walk you through bespoke solutions.

Take action: Meet with an Esquire Bank law firm banking expert to review financing solutions that will support your firm’s growth over the next 3 months. By focusing on these four key, short-term growth strategies for trial lawyers, your law firm can maintain momentum while setting the foundation for long-term success. That’s why a financial partner like Esquire Bank that knows the ins and outs of contingency fee firms is so crucial.

Meet with Esquire Bank

Discover how to grow your law firm by choosing the right bank for your contingency fee law firm. Partner with a strategic banking partner purpose-built for law firms. Schedule a consultation with an Esquire Bank Business law firm banking expert at a time convenient to your schedule.

SCHEDULE A MEETING

Find out where your law firm stands in its growth journey

Want to confirm where your contingency fee business currently stands in its development stage? Understanding how to position yourself for growth can help you proactively manage your resources to maximize your growth potential.

This quick 5-minute assessment can help you confirm exactly where your law firm stands in its growth journey, and help you focus on the right strategies and priorities for moving forward. Knowing where you’re at is essential to mapping where you’re going.

TAKE THE GROWTH ASSESSMENT

* The information provided on (or accessed through) this blog is for general informational purposes only and is not intended as, and should not be relied on for, law firm operations, tax, legal or accounting advice. Some of the information may not be applicable or appropriate for all law firms. Please consult your own tax, legal and accounting advisors as appropriate. Results may vary by law firm.