Case Cost Financing Fuels Law Firm Growth & Expansion
In a little over a decade, Pond Lehocky Giordano LLP has grown into one of the largest workers’ compensation and Social Security Disability advocacy law firms in the nation, helping thousands of clients annually.
With funding from Esquire Bank, the law firm has expanded business functions across the board, focusing on investment in technology, brand awareness and expansion in practice areas.
According to Bryan Reilly, Chief Financial Officer at Pond Lehocky Giordano, “Esquire Bank had the data to support lending at higher limits, allowing us to borrow at higher levels allowed us to grow our business. Specifically, we are able to finance all of our litigation costs, which are several hundred thousand dollars a month, through a line of credit with Esquire Bank. And not having to use that free cash flow to finance litigation costs has allowed us to invest that into marketing, developing infrastructure and I think has set us up on a much longer-term successful path.”
Prior to connecting with Esquire Bank, much of Pond Lehocky Giordano’s capital was earmarked for case disbursements, leaving little to invest in technology that could put the law firm ahead of its competition — not only in its core practice area of workers’ compensation, but also in the newer Social Security Disability group. While traditional banks were unwilling to finance case inventory that wouldn’t settle for 12 to 36 months, Esquire Bank understood the unique business model of contingency fee law firms and how to value Pond Lehocky Giordano’s case inventory.
Utilizing a case disbursement line of credit, Pond Lehocky Giordano reinvested in the firm’s infrastructure, technology, and marketing to drive growth and expansion. In addition, the law firm found a strategic partner that understood the power of harnessing data to provide insights into how Pond Lehocky Giordano could best target its new capital in marketing, data, and technology.
Watch the 3-minute video above to learn more about how Pond Lehocky Giordano leveraged its relationship with Esquire Bank to realize its ambitions for law firm growth and expansion.
Investing in People and Technology for Better Service and Exponential Growth
Of the many ways law firms can grow the bottom line, a smart approach invests in people and technology to increase efficiency and growth. Watch this video featuring Melissa Nyman, vice president and deputy managing partner at Nyman Turkish.