Posts Tagged ‘Law Firm Financing’

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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Bank Lines of Credit

Tuesday, October 18th, 2011

This video blog gives an overview on bank lines of credit. 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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How To Analyze The Cost of Fee Sharing

Wednesday, October 12th, 2011

This video blog gives an overview on the high costs of fee sharing. 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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