How TorkLaw Accessed Capital to Scale Law Firm Growth
CEO and Senior Partner at TorkLaw
In this blog, we focus on how TorkLaw accessed capital to scale law firm growth. TorkLaw(torklaw.com), is a plaintiffs-only law firm headquartered in Los Angeles, California.
Combating high inflation
In today’s business climate of high inflation and a looming recession, law firms face two options: stay lean and mean by cutting costs or invest and commit to growth. To quickly free-up cash for investment in growth, firms with a robust case inventory may opt to finance case costs.
Capital is the fuel for law firm growth
For contingency fee law firms, which typically manage irregular cash flow cycles of boom and lean years, access to capital is key to fueling law firm growth. According to Reza Torkzadeh, CEO and senior partner at TorkLaw, “I realized that capital [the money] is really the fuel for any business. And if you don’t have enough or don’t have access to enough, well, then you don’t have enough fuel to scale and grow.”
While TorkLaw had a traditional banking relationship, it was mostly used for deposits, and the bank was unable to offer the firm access to capital it needed to fund the law firm’s plans for growth – a hindrance that did not align with the firm’s goals.
By allying with Esquire Bank and its flexible financial solutions, TorkLaw accessed the necessary capital to invest in marketing, technology and operational resources – initiatives that would scale up the firm’s business.
Click above to watch the 4-minute video featuring Reza Torkzadeh, as he details how TorkLaw accessed capital to scale law firm growth.
Meet with Esquire Bank Today
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 grow your law firm business.
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.