Posts Tagged ‘Law Firm Financing’

Mandatory Arbitration with Michael J. Swanson

Wednesday, July 29th, 2015

EPN Podcast Mandatory ArbitrationI was recently interviewed by Eric Dye for Entrepreneur Podcast Network’s Legal Corner. During this interview, Eric and I discussed the following topics:

  • What is mandatory arbitration?
  • Where do mandatory arbitration clauses appear?
  • Can you give us an example?
  • Why does mandatory arbitration exist?
  • What are the effects of mandatory arbitration on average citizens?
  • What can one do to fight mandatory arbitration?

Click here to listen to my interview.


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How David Beats Goliath® Referenced on PHXNews

Tuesday, June 2nd, 2015

How David Beats GoliathHow David Beats Goliath® – Access to Capital for Contingent-Fee Law Firms was recently referenced in an article on PHXNews.

This article titled “How the Changing Landscape of Legal Funding Affects Contingent-Fee Law Firms” focuses on the finance industry and the ways contingent-fee law practices secure capital.

Here are a few brief excerpts:

“In Michael J. Swanson’s 2011 book, How David Beats Goliath, 10 sources of legal funding for contingent-fee law firms are outlined. Swanson, who attended both Ohio State University and Cleveland State University and is the current CEO of Advocate Capital, Inc. takes a look at the business side of law firms every day.”

“In his book, he (Swanson) offers advice and guidance for contingent-fee law firms. He dispenses his wealth of accounting and financial knowledge and details exactly how to secure capital to effectively represent clients.”

“Businesses like Advocate Capital, Inc. specialize in providing funding for contingency cases. Thus, Swanson has a lot of experience with the financial statements and tax returns for contingent-fee law firms.”

To read the complete article, click here.

To purchase a copy of How David Beats Goliath, click here.


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Author Michael J. Swanson Interviewed by’s Larry Bodine

Monday, March 16th, 2015

Larry Bodine, Editor in Chief of, interviews Author Michael J. Swanson about how plaintiff lawyers can finance the expenses of a case.

During the interview, they discuss how case expense financing works, what makes Advocate Capital, Inc. different and Mr. Swanson’s book, How David Beats Goliath: Access to Capital for Contingent-Fee Law Firms.

(Read the full interview article on


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How David Beats Goliath® Reviewed on The Capital Press

Monday, March 9th, 2015

3D Book TM New 2013How David Beats Goliath® – Access to Capital for Contingent-Fee Law Firms was recently reviewed by William Ecksel on The Capital Press.  This book review titled, Start-Up Advice for Lawyers in “How David Beats Goliath”, highlights Mr. Swanson’s respect for trial lawyers and the financial pitfalls many law firms encounter.

Here are a few brief excerpts:

“Swanson clearly harbors a great deal of respect for the work that trial lawyers do, but he’s also in a position to offer them advice on how to run the business aspects of their firms.”

“He (Swanson) recognizes that most trial lawyers choose their line of work to help people, but that altruistic notion doesn’t guarantee financial security. How David Beats Goliath is, thus, nothing short of required reading for most contingent-fee law practices.”

“It’s an important piece of literature and one that can help the David-like law practices effectively take on the Goliaths at insurance companies with unlimited resources.”

To read the complete review, click here.

To purchase a copy of How David Beats Goliath®, click here.


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Review Your Bank Statements

Tuesday, October 7th, 2014

review bank statementsIt is important for the partners of a law firm to personally review their trust account and operating account bank statements each month. Ideally, the statements should be mailed to the managing partner and be opened by the partner, not a member of the staff. The partner should then examine the statements for anything that looks out of place and should spot check a portion of the payments flowing out of the account for proper documentation. It should be made known amongst the staff that the statements are being carefully reviewed and will be questioned from time to time as a preventive measure against potential fraud.

Also, if the firm has access to any lines of credit or has its own credit card, those monthly statements should also be personally reviewed by the managing partner. This is a critical issue. Over the years, we have seen several instances of fraud at firms involving seasoned, trusted personal friends employed by the firm. I am talking about personal friends of the partners, people they might have gone to church with, embezzling money over time to the tune of hundreds of thousands of dollars –over a million dollars in a few cases we’ve seen.

If you have adequate staffing, put checks and balances in place so that the same people who are writing checks for the firm are not the ones signing them. Also, put in place a system where whoever is writing the checks for the firm is not the person who opens the bank statement and reconciles the account at the end of the month.

Sadly, it is often the person on your team that you trust the most that ends up surprising you with fraudulent activity. Better to create a situation whereby it is as difficult as possible for someone to perpetrate such acts. Everyone wins when fraud is prevented.

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

Photo Credit: Philippe Put (via Flickr)

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EPN Interview of 7th Amendment Advocate Michael J. Swanson

Michael J. Swanson ePodcast Network Interview

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