Law Firm Growth Through Smarter Financing Strategies
For successful, New York City based law firm, Edelman & Edelman, finding a strategic partner who understood how to value the firm’s contingent case inventory and would provide financing based on that value, proved to be the catalyst for exponential law firm growth and a major competitive advantage.
Since 2016, the firm’s partnership with Esquire Bank has allowed Edelman & Edelman to avoid the crushing charges specialty law firm funding companies typically charge for case cost borrowing. The firm uses the funds they would have otherwise had to spend on case costs to invest in growth and pay operational costs.
“Esquire Bank is unique. They’re not just special, they’re unique,” remarked Martin Edelman, co-founder of Edelman & Edelman. “What Esquire Bank has given me, besides peace of mind, is the ability to fund cases at a level where I can be more than competitive with my adversaries, I can overwhelm them,” he added.
Since allying with Esquire Bank, Edelman & Edelman has grown the value of its case inventory by 80%, increasing the fees associated with its cases by 78%. A clear connection can be made between Martin Edelman’s decision to acquire a case cost line of credit and his ability to grow the law firm’s fees.
For Martin Edelman, Esquire Bank’s financial solutions have changed the legal industry for plaintiff personal injury firms. “The difference is, I can do my job, which is try cases and win them or settle them, knowing full well that they have my back. And when you’re in a business in which you have to win to eat, somebody that has your back is a very valuable partner,” he noted.
As the economy wrestles with inflation, and interest rates are moving upward, getting the best possible interest rate for law firm growth initiatives and liquidity is a great way to shore up your cash flow position. Consider switching your lending relationship to a bank that uniquely understands the contingency fee law firm business model.
Watch this video as Martin Edelman, of Edelman and Edelman, explains how he switched from receiving ‘crushing’ interest rates from litigation funding companies to partner with Esquire Bank and achieve exponential law firm growth.
UNLOCK YOUR CASH FLOW ̶ MEET WITH ESQUIRE BANK TODAY
Whether your goal is investing in growth, expanding your practice, or positioning your firm for a merger or acquisition, 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. Case inventory is also an important valuation for presenting your law firm to potential buyers.
Schedule a no-obligation consultation to understand how Esquire Bank’s Case Cost Line of Credit can help you achieve your growth or succession goals.
Effective Law Firm Leadership: Building Growth with Vision and Culture
This blog, featuring Reza Torkzadeh, founder and CEO of TorkLaw, explores the transformative power of leading with vision and culture, revealing how it can drive sustainable growth and set firms apart from the competition.
- Life Cycle Stage: Educated - Product Solutions
- Content Tier: silver
- Content Type: customer-testimonial