Posts Tagged ‘Law Firm Financing’

Know Your Credit Score

Tuesday, September 30th, 2014

know your credit scoreDo you know what your credit score is? You should!

Set a tickler in your calendar to remind yourself to check your credit score at least once a year. Free services like www.FreeCreditReport.com are available to make it quick, easy and free.

You don’t want to wait until it’s time to apply for a loan or a lease to do this. You may find that your score has dropped due to an error at a reporting agency or by your bookkeeper. That lower score could result in costly delays or higher rates of interest paid. It could even result in your application being rejected since many banks have been steadily raising their minimum credit-score requirements over the past few years.

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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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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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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Stuart Carpey Interview

Thursday, April 4th, 2013

Today I was very fortunate to have been interviewed via Google Hangouts by expert trial lawyer, Stuart A. Carpey.   Attorney Carpey’s law firm is based in Pennsylvania. He is a nationally known author, public speaker and injury law expert.   For more information or to contact Attorney Carpey, visit http://www.carpeylaw.com/.

 

 

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Finance Company Loans

Friday, December 2nd, 2011

This video blog gives an overview on finance company loans . I hope that you find this helpful. Previous video blog posts can be viewed on my YouTube channel.

I welcome your comments and questions.  Please send me an email by clicking here.

Mike Swanson

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