Finance 

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.

SCHEDULE A MEETING

Interested Accessing More Resources?

Lawyer IQ provides videos, blogs, case studies and whitepapers, where you can learn about growing your businessfinancing for law firmsmarketing strategy best practices, and more.

Register today for complete access to our content hub, and to receive Law Firm Insights newsletter for more in-depth interviews with legal industry professionals, case studies, and resources.

REGISTER NOW

 

 

 

 

 

 

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

Continue Reading

Finance

3 Ways to Present a Strong Case Pipeline for Plaintiffs Law Firms

For contingency fee law firms, presenting a strong case pipeline is a critical narrative to show a firm's capacity for sustained growth. Read this blog for insights from Tim McKey, CEO of Vista Consulting.

Finance

How to Acquire Smart Financing for Sustainable Law Firm Growth

In the face of pressure from the increase in Private Equity law firms, contingency fee law firms are seeking to acquire smart financing to fuel law firm growth.

Finance

Understanding Law Firm Funding Options: Contingency Fee Law Firms

There are a few law firm funding options for contingency fee law firms, but one option is best for the unique plaintiffs firm business model. Read this informative blog to learn how case cost financing helps firms leverage their contingent case inventory.

  • Life Cycle Stage: Educated - Product Solutions
  • Content Tier: silver
  • Content Type: customer-testimonial

You are now leaving Esquire Bank

https://lawyeriq.esquirebank.com

Back to Top