As lawyers, we are part of an exclusive circle of professionals who instill meaningful changes in peoples’ lives while pursuing fairness and justice through the practice of law. The unique power attorneys have to monumentally impact our clients’ lives for the better and the opportunity to build long-term relationships drove my desire to pursue a career in law. After graduating from law school, I went from working at a personal injury law firm and managing client intakes to practicing medical malpractice defense, safeguarding the interests of some of the largest health care institutions in the state of New York. The transition from a contingency fee practice to an hourly billable defense environment distanced me from building deep, personal relationships; something I sorely missed.
It was at this point that I was recruited by Esquire Bank for an opportunity to: (1) build meaningful relationships and (2) continue to fight for justice. I had never considered a career outside of the practice of law to achieve these two principles that were critical to me.
So how does a lawyer turned banker continue to advocate for justice? At Esquire Bank, I help law firms use the future value of their case inventory to capitalize their firms, providing them a more level playing field as they go up against behemoth insurers with almost unlimited access to capital. My experience practicing law gave me first-hand insight into the stress that lawyers face every day trying to manage the finite, irregular cash flow of the firm and the desire to win for their clients at any cost.
When COVID-19 first hit the US, it rocked our nation, closing businesses and throwing the entire court system into chaos. For contingency fee firms that rely on trials to put pressure on insurance companies, court closures meant that there was no longer a reliable means of obtaining swift justice for their clients. It also meant that firms who previously had healthy balance sheets suddenly found themselves in tenuous cash flow positions.
Even pre-pandemic, many law firms juggle innumerable uncertainties in their quest to grow their businesses while maintaining excellent client service. These issues range from ambiguous case durations, increasing case costs, and the difficulties of putting a dollar value to a firm’s case inventory. Altogether, this hampers a firm’s ability to take on corporate goliaths, distracts them from the pivotal work of ultimately attaining justice and trying to help put their clients lives back together.
As a bank founded by trial lawyers, servicing the legal community with a special affinity towards contingency fee law firms, we knew that our clients were in dire need of a financial ally. While other banks and lenders were cutting back on their clients’ lines of credit – we reached out to our clients to offer additional lending facilities to help bridge their cash flow needs, allowing them to continue their pursuit of justice.
Today, the work I do is just as impactful and meaningful as my former practice. At Esquire Bank, I financially support law firms across the country, giving them the financial ability to secure just awards for their clients. Working at Esquire Bank, with former attorneys like myself, there is a deep, intuitive understanding of the true cost of justice. As a lender, I help eliminate this major stress for contingency fee law firms. By providing these firms with the capital they need to pursue the fight for what is fair, I work to continue the advancement of justice.