In Part 2 of our two-part blog series on best practices for growing your plaintiffs law firm, we discuss the importance of leading by example, nurturing a rewarding culture, and accessing capital to fuel growth.

Growing your plaintiffs law firm isn’t just about practicing law and winning cases. It requires strong leadership, core values and a rewarding culture, smart investments, and dedication. As a law firm owner, you’re “always on” to handle the day-to-day. But what should you prioritize to avoid burning out?

In The Lawyer as CEO, bestselling author, Reza Torkzadeh, founder and CEO of TorkLaw, shares insights on how he transformed TorkLaw into a thriving business. In a series of talks with Esquire Bank founder Ari Kornhaber, EVP & Head of Corporate Development, Reza also offers effective strategies you can use.

Let’s explore best practices 4-7 that helped TorkLaw experience exponential growth and bold success.

4. Gain Access to Capital and Implement Financial Strategy

Managing irregular cash flow and accessing sufficient capital are major hurdles, especially if your firm operates on contingency fees. Reza points out that capital is fundamental for handling cases properly, investing in marketing, and scaling operations.

Partnering with a financial institution that understands the unique business needs of contingency fee law firms is crucial. Reza’s collaboration with Esquire Bank provided the flexible, financing solutions needed to double TorkLaw’s year-over-year case inventory and triple his staff.

Without access to capital, TorkLaw couldn’t take on larger cases or grow effectively.

Learn how capital can fuel growth for plaintiffs law firms in our video blog “Fueling Growth: The Power of Capital for Plaintiffs Law Firms”, or explore our video blog “The ROI of Financing Case Acquisition for Plaintiffs Law Firms”.

5. Strategic Investment in Key Areas

Reza suggests investing deliberately in four key areas to achieve sustainable growth:

1. Invest in yourself: Personal development is crucial. And easy to put last. Whether through education, health, or mindfulness, improving yourself enhances your leadership.
2. Invest in your people: Helping your team grow professionally and personally creates a more dynamic and committed workforce.
3. Invest in brand building: A strong brand identity sets your firm apart and attracts clients and top talent.
4. Invest in your clients: Supporting your clients beyond legal services builds trust and loyalty. Take an interest in their personal lives, like what charities they give to and their personal passions.

These investments aren’t just expenses—they’re strategic moves that can yield substantial returns. Explore these investment strategies in depth in our video blog “Four Key Areas of Investment for Sustainable Law Firm Growth”.

5. Embrace Technology for Efficiency and Growth

In today’s tech-driven world, adapting to new technologies is essential. Reza’s early adoption of technology put TorkLaw ahead, especially during unexpected events like the COVID-19 pandemic.

By integrating tools like real-time communication platforms, cloud-based systems, and data analytics, TorkLaw improved operational efficiency and client communication. Embracing technology allowed the firm to double its advertising efforts and case acquisitions when others were scaling back.

He emphasizes that technology is readily available and can be leveraged for significant growth. See how embracing technology like Reza’s firm can propel your firm’s growth in our video blog “Optimizing Law Firm Operations with Technology”.

6. Overcome Common Firm Challenges

Reza identifies two types of law firms that struggle with growth:

• False Start Firms: Lack capital and low case volumes. These firms find it hard to build momentum.
• Stalled Firms: Profitable but struggling to scale operations and build a strong culture. This is often due to inconsistent cash flow and limited access to capital.

Understanding where your contingency fee law firm stands is the first step toward overcoming these hurdles. His insights provide a roadmap for assessing and revitalizing your firm’s direction.

Find out how to navigate these challenges in our video blog “Are You Running a False Start or Stalled Law Firm: Assessing Your Firm”.

7. The Power of Strategic Partnerships

Building relationships with partners who understand your business model is invaluable. Reza’s partnership with Esquire Bank shows the impact such alliances can have on your firm’s growth.

This collaboration provided TorkLaw with the financial backing and industry insight needed to pursue larger cases, invest in marketing, and expand their team without constant worries about cash flow.

Hear directly from Reza about accessing capital to scale growth in our video blog “How TorkLaw Accessed Capital to Scale Law Firm Growth”.

Looking for more best practices for growing your plaintiffs law firm?

Read “Part 2: 7 Best Practices for Growing Your Plaintiffs Law Firm”.

Ready to change your law firm’s growth trajectory?

Click below to download Esquire Bank’s free eBook “Scaling for Success: The Contingency Fee Law Firm Playbook for Strategic Growth” to learn  expert insights on accelerating growth.

Meet with Esquire Bank

Achieving bold growth is within reach. Learn how your law firm can leverage its contingent case inventory to gain access to capital so you can invest in talent, marketing, technology, operations, and case acquisition.

Schedule a consultation with an Esquire Bank law firm banking expert today at a time convenient to your schedule.

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* The information provided on (or accessed through) this blog is provided 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.