Posts Tagged ‘Case Expenses’

Don’t Wait Until You Need Capital to Secure It

Tuesday, September 16th, 2014

Don't Wait Until You Need Capital to Secure ItMany law firms wait until they have their worst year ever and are stuck in a cash-flow crunch before trying to access capital through a loan of some type. Even if they can secure a loan under those conditions, it’s going to be very expensive.

Access capital from a position of strength. Don’t wait until your credit score goes down, or you need the money, or you’re having a soft revenue year. The old adage that banks don’t lend money to people who need it is true. In fact, any smart lender would not do business with a law firm that really needed money. They key is to establish capital relationships during your best years, not your worst.

You can learn more about this and other law firm finance topics in my book, How David Beats Goliath – Access to Capital for Contingent-Fee Law Firms.


The above material is excerpted from How David Beats Goliath – Access to Capital for Contingent-Fee Law Firms and is subject to copyright protection © by Michael J. Swanson, all rights reserved.

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Nevada Justice Association Lunch Presentation

Thursday, September 11th, 2014

Mr. Swanson presenting at Nevada Justice Association lunchI had a terrific time at the Nevada Justice Association (NJA) headquarter in Las Vegas yesterday.  My presentation “Law Firm Finance 101” was well received and I met many new friends among the plaintiff bar. Click here to see a few photos of the luncheon.  NJA Executive Director Julie Ostrovsky and her team put on a great event and made me feel very welcome. Also speaking at the event was Rafi Arbel, the President of MarketJD. His presentation was very informative and engaging.  I am looking forward to seeing the NJA team at their annual convention in Napa, CA next month.  It should be an excellent meeting!

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Minimize Net Interest Costs

Tuesday, September 9th, 2014

How David Beats GoliathAs a general rule, you should strive to minimize the amount of interest you pay each year by borrowing in a very strategic, controlled way. Here’s a good exercise: At the end of each year (or right now!) total up the interest that appears on your income statement from loans at your firm, along with any interest from credit cards that your firm may have. Subtract the interest that you recoup from your cases (if any) and take a look at that number. Ask yourself: What did I get for that money? If you’re not sure…there’s a problem!

Too many firms borrow money for short term needs (advertising, bonuses, etc.) but then never pay it back during the good times. The result is effectively a permanent debt that does nothing but steal profits out of the partners’ pockets without giving back much in the way of tangible benefits.

If your firm is going to borrow money, especially for case expenses, consider recouping the interest from your cases. It’s legal, it’s ethical and there are lenders in the marketplace that can track the interest for you on a case-by-case basis to make it easy on your staff.

You can learn more about this and other law firm finance topics in my book, How David Beats Goliath – Access to Capital for Contingent-Fee Law Firms.


The above material is excerpted from How David Beats Goliath – Access to Capital for Contingent-Fee Law Firms and is subject to copyright protection © by Michael J. Swanson, all rights reserved.

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My ePodcast Network Interview

Tuesday, February 18th, 2014

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I had my first interview by Eric Dye for Enterprise Radio’s Entrepreneur Podcast Network in July of 2013. During the interview, we discussed the good work that trial lawyers do in their communities and the vital protection of our seventh amendment rights, and I had the privilege of talking about my book, How David Beats Goliath – Access to Capital for Contingent-Fee Law Firms.

Click here to listen to my interview.

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Tim Bailey Interview – Part One

Wednesday, September 26th, 2012

Click on the video to watch part one of Mr. Swanson’s recent interview with Tim Bailey of Bucci, Bailey & Javins:

 

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EPN Interview of 7th Amendment Advocate Michael J. Swanson

Michael J. Swanson ePodcast Network Interview

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