Planning for Economic Distress Ensures Long-term Law Firm Success
EVP & Head of Corporate Development at Esquire Bank
Founding Member and Senior President at Scorpion
How is your firm planning for long-term, law firm success in times of economic distress?
In the coming recession, client outreach will be at the forefront of law firm strategies for growth, but not every law firm owner understands what it takes to grow against economic headwinds.
The most important growth strategy for firms is easy and immediate access to capital. With quick access to a healthy cash reserve, smart contingency fee law firms can continue to run large-scale marketing campaigns to bolster their firm’s reputation. In contrast, competitors most likely will slash budget items and tighten their belts.
Is your bank or lender prepared and looking to the future? Are they proactively extending your law firm more credit? Making it easy to access your funds? Importantly, do they clearly note any additional fees and covenants required of you?
In an economic downturn, traditional banks may view contingency fee firms as especially risky clients, refusing to extend additional credit or instituting onerous covenants on law firm owners for paltry credit extensions.
Similarly, many lenders may use the fine print to their advantage, leaving firms with little recourse and a less-than-stellar experience in their time of need.
To grow, law firms need quick and easy access to capital. Watch the video above to learn more about the strategies for long-term law firm success, featuring Peter Webb, an experienced marketer and founding member and senior vice president of Scorpion, who’s been guiding law firms to conduct complex marketing strategies for over 20 years.
Meet With Esquire Bank
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 recession-proof your law firm business.
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 - Best Practices
- Content Tier: silver
- Content Type: webinar-short