In this blog, we feature how Los Angeles-based personal injury law firm, BD&J, PC, significantly changed its law firm growth trajectory by leveraging case cost financing from Esquire Bank.

Five Years In…Now What

During the first five years, the path toward law firm growth often requires law firms to reinvest in the firm’s business operations and marketing efforts to attract leads and new cases.

Many contingency fee law firm attorneys pay for case costs from their revenue (“self-financing”) – which on the surface may seem like a sound approach but can be highly limiting for firms looking to grow operations and expand into new practice areas or geographic locations.

For Kevin Danesh, managing partner at Los Angeles-based law firm, BD&J, self-financing started as cash advances on his credit card, but rose to more than $15 million as his firm experienced success and needed to fund case costs.

In the beginning, BD&J had a high concentration of high-volume, quickly resolving cases. These cases provided a consistent income stream allowing the firm to run its daily operations, paying for rent, staff, and expenses for on-going cases. However, Kevin knew that this daily grind would not translate to significant growth for the firm. As he focused his long-term growth plans on catastrophic injury cases, Kevin realized that in order to achieve his goals he needed the flexibility to invest heavily into these cases.

Leveraging Case Cost Financing to Free Up Capital

By allying with Esquire Bank and leveraging its flexible financing solutions, Kevin freed up capital that could now be invested in advertising – an event that made a significant impact on the growth trajectory of BD&J.

Not only did the law firm increase its ability to get more cases through additional advertising, the improved liquidity freed up personal finances for the firm’s attorneys and enabled the firm to add staffing. “Getting the money and  deploying it in advertising had the single biggest impact on the trajectory of our growth, ” noted Kevin.

To learn more about how case cost financing fueled BD&J’s growth and significantly changed its law firm growth trajectory, click above to watch this video featuring Kevin Danesh.