Financing Firm Case Costs Doubled SAM’s Size, Client Base & Revenue
For Silberstein, Awad & Miklos (SAM), a New York law firm, financing firm case costs through Esquire Bank lifted the burden of self-financing and freed up capital to invest in law firm growth and expansion. The resulting impact was significant – the law firm doubled its size by adding more attorneys and support staff, expanded its client base, and doubled its revenue.
According to Joseph Awad, founding partner at SAM, he attributed that success “all because of the freedom we were given to be able to finance disbursements.” Founding Partner Joe Miklos added, Previously, we were reaching into our pocket and taking that money. Now we can use that money for other things. Getting that monkey off my back, as they say, has been fantastic.”
The financial strain of self-financing is a familiar challenge for contingency fee law firms. For SAM, as the firm took on the additional weight of funding larger and larger cases, the firm’s partners realized self-financing was hindering their aspirations for increased case volume and law firm growth. By partnering with Esquire Bank more than a decade ago, SAM found the right financing solution that would provide ongoing access to capital and greater resources to invest in cases.
Through a combination of case cost financing, a moderate rate of interest, and the expertise provided by Esquire Bank, SAM grew the firm from nine to 30 attorneys and 25 support staff, expanded across five offices in New York City, and doubled its client base and revenue.
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Whether your goal is investing in growth or positioning your firm for a merger or acquisition, understanding your case inventory is an important valuation for your firm. Leveraging your 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.
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.
Interested in More Resources?
For more resources about law firm technology, view this video about “How Leveraging Technology Can Help Law Firms Analyze Outcomes and Maximize Case Value”. You can also read this blog about the “4 Keys to Leveraging Technology for Law Firm Growth”.