In this blog, we feature insights about the challenges of running your law firm as a business and acting as trial lawyer, and how plaintiff law firm owners are facing this challenge.

Many law firm owners pride themselves on their ability to self-fund their practice while being litigator, marketer, finance manager, and HR for their firm. The stress of juggling it all along with their personal lives doesn’t give them any time to consider if they actually should be doing it all.

The 3 biggest challenges law firm owners face are:

1. Case Costs & Uncertainty. Scaling a law practice means taking on big cases, but big cases take longer to resolve and are expensive to fund. The uncertainty of whether the case will settle or go to trial and how much it’s worth puts pressure on litigators and law firm owners.
2. Cash Flow Management. While big cases inject large sums of cash into a firm, smaller, quick-to-resolve cases provide the cash flow for daily operations. This balance is difficult to achieve when self-financing when the firm’s cash flow is locked up in case expenses.
3. Lack of Knowledge of Alternative Funding Options. Many law firm owners are unaware of the financing options available or how these products can be tailored to their firm’s needs. Although it may seem like the easiest option is to self-finance, it is also the least efficient way to grow a firm.

“Prior to Esquire Bank, I self-financed. I was doing it all. Running the business, being the marketing decision maker, being the finance decision maker, and at the same time trying to litigate,” noted  Mick S. Grewal, Sr., president and CEO at Grewal Law. “With the help of Esquire, I was able to promote an internal person to COO and give him all that so I could go out and get mass tort cases.”

Watch the video above to learn more about the challenges of running your law firm owners and acting as trial lawyer, and discover how plaintiffs attorneys allied with Esquire Bank to add important resources and relieve the burden of doing it all.