Posts Tagged ‘secure a loan’

Don’t Wait Until You Need Capital to Secure It

Tuesday, September 16th, 2014

Copyright  EU Social via FLickrMany 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.


Photo Credit:  EU Social via Flickr

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