Law Firm Financial Flexibility Led to a 162% Increase in Revenue
For Michigan based Grewal Law, finding law firm financial flexibility was the key to practice area expansion and significant revenue growth. The result – an increase of 162% in revenue over two years.
Overcoming the Burden of Self-financing
Although Grewal Law had achieved success in its personal injury and medical malpractice cases with some high-profile cases, the burden of financing fell on the shoulders of Mick Grewal, President & CEO of the firm – a familiar challenge experienced by contingency law firm owners.
“Prior to Esquire, I actually self-financed the whole firm,” recalled Mick Grewal, president and CEO of Grewal Law. “And that was very difficult and very stressful for me because I was putting my signature and my funds up front,” he added.
In addition to putting pressure on a law firm’s cash flow, self-financing also inhibits growth. For Grewal Law, self-financing limited the firm’s ability to expand into other areas of litigation. With finances tied up in cases that would settle in the future, efforts to participate in mass tort cases and other practice areas were hindered.
Freeing Up Capital to Pursue New Practice Areas
Through Esquire Bank’s flexible financing solutions, Grewal Law now had reliable, financing options for its personal injury and medical malpractice cases and could pursue new practice areas.
“Working with Esquire Bank has allowed us to take our practice to the next level, specifically in the mass tort field,” noted Nolan Erickson, COO, Grewal Law. “We’ve been able to take on the Roundup cases, 3M earplug cases, and now we’re getting involved in the CPAP litigation.”
Grewal Law, a firm that was already successful, understands the benefit of having access to liquidity and flexible credit facilities.
Watch the 3-minute video above to learn more about how finding law firm financial flexibility was the key to practice area expansion and significant revenue growth for Grewal Law.
Unlock Your Cash Flow for Law Firm Growth – Meet with Esquire Bank Today
Whether your goal is investing in growth, expanding your practice, or improving your cash flow, understanding your case inventory is an important valuation for your firm. Leveraging your firm’s case inventory to finance case disbursements can allow you the flexibility and liquidity to pivot your focus to investing in digital marketing, technology, and staff, and ultimately build case value for your clients.
Schedule a no-obligation consultation today to understand how Esquire Bank’s solution-based credit facilities can help you grow your law firm business.
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