Financing Firm Case Costs Doubled SAM’s Size, Client Base & Revenue
For Silberstein, Awad & Miklos (SAM), a New York law firm, financing firm case costs through Esquire Bank lifted the burden of self-financing and freed up capital to invest in law firm growth and expansion. The resulting impact was significant – the law firm doubled its size by adding more attorneys and support staff, expanded its client base, and doubled its revenue.
According to Joseph Awad, founding partner at SAM, he attributed that success “all because of the freedom we were given to be able to finance disbursements.” Founding Partner Joe Miklos added, “Previously, we were reaching into our pocket and taking that money. Now we can use that money for other things. Getting that monkey off my back, as they say, has been fantastic.”
Facing the Challenges of Self-financing
The financial strain of self-financing is a familiar challenge for contingency fee law firms. For SAM, as the firm took on the additional weight of funding larger and larger cases, the firm’s partners realized self-financing was hindering their aspirations for increased case volume and law firm growth. As many contingency fee firms experience, the number of new cases a firm can pursue is often restricted by the firm’s ability to pay for case costs, such as hiring experts, ordering searches, and making inquiries to authorities.
Leveraging Case Cost Financing for Growth
By partnering with Esquire Bank more than a decade ago, SAM found the right financing solution that would provide ongoing access to capital and greater resources to invest in cases.
Through a combination of case cost financing, a moderate rate of interest, and the expertise provided by Esquire Bank, SAM grew the firm from nine to 30 attorneys and 25 support staff, expanded across five offices in New York City, and doubled its client base and revenue.
Meet with Esquire Bank
Learn how you can invest more case resources by leveraging case cost financing. Schedule a no-obligation consultation with an Esquire Bank Business Development Officer today at a time convenient to your schedule.
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