Law Firm Growth Through Smarter Financing Strategies
As many law firm partners start the year with an retrospective look at capitalization strategies that have contributed to growth, a question that often arises is whether it continues to make sense to partner with a litigation finance company into the future.
As the economy battles inflation, and interest rates look set to increase this year, getting the best possible interest rate for law firm liquidity and growth spending is not only a great way to shore up your cash flow position but is also an ethical responsibility for your clients should you be passing the cost of financing to them.
A fresh look at the interest rate you’re currently receiving isn’t only the main consideration. Be aware of any hidden fees or charges that may apply for the utilization of your credit facilities or pre-payment fees as these all add up impacting your liquidity.
In 2022 before interest rates rise, consider switching your lending relationship to a bank, and one that can provide you lending facilities with no hidden charges and a true partnership geared towards growth.
Watch this video as Martin Edelman, of Edelman and Edelman, explains how he switched from receiving ‘crushing’ interest rates from litigation funding companies to Esquire Bank.