Case Cost Financing Helps Law Firm Increase Profit by 46% Over Two Years
How did a New York based law firm increase profit by 46% over a two-year period? For Wingate, Russotti, Shapiro, Moses & Halperin (WRSMH) that success was achieved with the assistance of case cost financing from Esquire Bank.
With Esquire Bank providing financing for the law firm’s case costs, capital that was previously tied up in disbursements was now available to be invested in other areas. WRSMH hired more attorneys, increasing its ability to take on a higher number of cases, while also enabling each attorney to devote more attention to fewer cases. As a result, the law firm improved its case outcomes, settled faster, and saw revenue come in faster – achieving an impressive 16% increase in its case fees and 22% growth in revenue.
In noting the impact of Esquire Bank’s financial solutions on his law firm, Phil Russotti, Senior Partner at Wingate, Russotti, Shapiro, Moses & Halperin stated, “The cases move faster, they come up for trial faster, and we see settlements faster. We’ve been able to do that because of the cooperation and partnership with Esquire Bank.”
Before its partnership with Esquire Bank, the increasing cost of handling high value cases was proving to be a strain on the law firm. Like many contingency law firms, WRSMH found traditional banks struggled to understand that the true assets of the law firm were the future value of its contingent cases – and the majority were due to settle far into the future. “They [the traditional bank] didn’t understand the business at all, remarked Phil Russotti. “What we were able to accomplish was because of Esquire Bank’s understanding of the personal injury business and how these cases are evaluated.”
The turning point for Wingate, Russotti, Shapiro, Moses & Halperin came by partnering with Esquire Bank. Watch the 3-minute video to learn more about how WRSMH was able to improve its case outcomes and settle cases faster, resulting in increased case fees and revenue growth.
For a more detailed accounting of WRSMH’s success story, read the case study.