In this blog, we feature the success story of Chicago-based law firm Coplan + Crane and how they overcame the cash flow challenges associated with running a contingency fee law firm.

In the realm of personal injury law, where stakes are invariably high and cases complex, Coplan + Crane has carved out a niche advocating for railroad workers and medical malpractice victims. Partner Ben Crane, inspired by a legacy of legal service from his father, has steered his contingency fee law firm through myriad challenges, notably the high costs and complexities of medical negligence and catastrophic injury cases.

Watch the video above to learn more.

Facing the Financial Challenges of Catastrophic Injury Cases

Ben notes, “A good bit of the work that we do is on medical negligence cases. And they tend to be some of the most highly contested, hard-fought, expensive cases that there are.” Case costs can range from $200,000 to $400,000 based on finding experts in different specialties and areas of expertise and funding case resources.

Ben outlines the firm’s initial financial hurdles: “Before partnering with Esquire, there were probably cases that we either had to turn away or refer to make sure everything was properly capitalized.” He also experienced strained relationships with traditional banks as they were uncomfortable lending to plaintiffs’ personal injury firms, not recognizing the unique future value of such cases

Finding Solutions: The Turning Point with Esquire Bank

For Ben, an introduction to Esquire Bank marked a strategic turning point. “The timing was perfect,” he noted. “It was a time when I really needed somebody to look at what I had going on in a different way than traditional banks were.”

Esquire’s understanding of the law firm’s contingency fee business model enabled it to provide:

• Case Cost Financing: Directly evaluating the firm’s book of business and case inventory to determine the right amount of financing.
• Operational Cash Flow Solutions: Smoothing financial peaks and troughs, ensuring the firm could sustain its operations year-round.

“The reality is that this is a business where you need to have cash to do the work, but it goes up and down, up and down,” Ben emphasizes. “That’s where Esquire has come in. They’ve always been able to figure out solutions to smooth out cash flow and those downtimes. And that’s just absolutely critical to running a successful firm.”

A Successful Track Record for Other Firms to Follow

The impact of this partnership on Coplan + Crane has been profound and multifaceted:

• Expanded Operations: The law firm has grown significantly, moving into larger office spaces and hiring more attorneys and staff.
• Enhanced Case Handling: With Esquire’s support, Coplan + Crane has taken on more complex, higher-stakes cases across the country.

Ben Crane’s success story presents a compelling model for other contingency fee law firms to follow. “I’m very proud of the fact that in the 20 years of our firm, we’ve never missed a payroll,” he notes. “Having a banking relationship where they understand what you’re trying to accomplish, and they have solutions that fit what you’re trying to accomplish, allows you to sleep at night.”

Discover the Full Story

Learn more about how Coplan + Crane leveraged flexible, financial solutions to champion the rights of those injured by railroad and medical malpractice incidents.

Watch the video above featuring Ben Crane to gain deeper insights into their successful partnership with Esquire Bank.

Know What Stage of Growth Your Firm Occupies

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.

Take the Growth Assessment for in-depth understanding of what stage of growth you’re currently in and the next steps you should take to drive growth for your contingency fee law firm.

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