In this blog, we discuss the game-changing strategy Kreindler & Kreindler deployed for breaking through financial boundaries to law firm growth.

In the complex field of aviation litigation, Kreindler & Kreindler LLP has established itself as a leader. However, traditional banking methods, which overlooked the potential of the firm’s case inventory, significantly constrained the law firm’s ability to grow further. This blog explores how a strategic partnership with Esquire Bank provided the boost to the law firm’s growth trajectory.

Challenges with Traditional Banking

For decades, Kreindler & Kreindler endured limitations imposed by a traditional banking relationship that evaluated financial health based solely on past earnings. This restrictive view failed to consider the firm’s extensive and valuable case inventory, leading to inadequate and often oppressive financial terms.

A Shift to Understanding and Partnership

The partnership with Esquire Bank began after contrasting experiences that highlighted the need for a change. Managing Partner Noah Kushlefsky noted, “We had several meetings with our old bank, where they were beating us up, and with Esquire, who offered a reasonable and shiny alternative. We went from a transactional relationship to a partnership.”

Key Outcomes of the Esquire Partnership

• Tailored Financial Solutions: Esquire Bank’s approach to evaluating the firm’s case inventory as collateral provided financial solutions that were perfectly aligned with Kreindler & Kreindler’s needs.
• Relief from Financial Pressure: The firm moved from being entirely self-funded, which involved tying up substantial amounts of partner capital in cases, to a financial solution where individual cases could be financed, freeing up capital. This shift significantly reduced financial pressure on the partners and the firm.

A Model for Law Firm Success

Noah Kushlefsky elaborates on the transformation: “We finally decided to make the change based on one simple fact of the way Esquire goes about doing their business. They can look at our case list and say, these are great cases. These are going to pay. And we can give you a line of credit based on that inventory. And it really revolutionized the way we were able to do business. It took a lot of anxiety out of our practice.”

Breaking Through Financial Boundaries and Reducing Financial Strain

The new financial strategy not only enhanced the law firm’s operations but also alleviated pressure on their clients, providing them with sustainability while awaiting case settlements. “It’s taken pressure off of our clients and freed up capital, allowing us to fund other parts of the firm like marketing and operational expenses,” Kushlefsky explained.

Discover the Benefits for Your Contingency Fee Law Firm

Learn how Kreindler & Kreindler transformed their financial management with Esquire Bank’s innovative solutions.

Watch the video above to gain insights into their successful strategy and consider how similar approaches could empower your firm.

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.

TAKE THE GROWTH ASSESSMENT