Attorney Loan
Esquire Bank created this attorney loan specifically for litigation case advances, providing the funds you need to finance case costs. This structure may also allow you to pass finance charges through to the client upon successful case completion,* essentially making the loan interest-free for your firm.
Through Esquire Bank's proprietary iCase™ online platform, you can easily manage your funding on a case-by-case level, enhancing your ability to handle—and win—more cases and achieve optimal settlements.
- Summary
- Streamline administrative functions
- Eliminate burden of litigation expenses
- Increase profitability
- Enhance ability to win more cases and achieve optimal settlements
- Free up money that would be tied up in case costs; that money can now appreciate through investment
- Competitive interest rates—up to 800 basis points less than financing companies
- Best rates for customers with Esquire Bank deposit account
- Principal and related fees paid upon settlement of case
- Set up individual loans for each case within a master credit line
- Use iCase™ platform to manage account online 24/7
- Eliminate need for manual case and financial analysis
- Simple pre-qualification process to get started quickly
View this graph to see how case cost financing with the Esquire Bank Attorney Loan can increase your profitability dramatically.
*Attorneys should consult the applicable law and ethics rules in their particular jurisdiction.
- iCase
iCase is a proprietary online platform developed by Esquire Bank to manage your Case Disbursement Funding. This powerful, user-friendly tool provides streamlined case management and valuable benefits for office management.
- Set up individual loans for each case within a master credit line
- Easily add new cases and payees (unlimited number of payees)
- Detail tracking and history of expenses by case
- Make payments from your computer (or via written check)
- Detailed monthly reporting at case level
- Extract case level financial information to Excel® spreadsheet
- Import files to virtually any accounting software application
- Financial Info
Sample Scenario
The loan structure is set up as a master line of credit that you can allocate at individual case levels. Each case level allocation is equivalent to an individual loan within the master credit line. For example:
- Master Credit Line of $1,000,000
- Case #1 – $5,000
- Case #2 – $4,000
- Case #3 – $10,000
- Remaining open line disbursed only for case expenses unless otherwise authorized by Esquire Bank
Rates, Payments, and Balances
- Variable interest rate is tied to Prime rate
- Generally between 350-675 basis points over the current Prime rate
- Rate tied to inherent risk, measured by Esquire Bank using numerous data points, including law firm's financial condition, partner credit standing, and case settlement history
- Interest-only loan paid monthly
- Principal payments are made at the earlier of case settlement, removal of client representation, or generally 30 months (exceptions may be made at discretion of Esquire Bank)
- Operating Account required – no minimum amount required, no fees**
Standard Fees***
Master Line of Credit Fees
- Origination – 1%
- Annual line maintenance – 1%
Case Level Loan Fees
- Case audit – $15
- Case setup – $50
- Case payoff – $75
Disbursement Fees
- Per electronic check – $2.50
**Esquire Bank reserves the right in the future to charge fees on the Operating Account.
***All fees outlined are subject to change based upon various factors, including the nature of the master line of credit, case types, number of cases, and turnover. Esquire Bank charges fees to cover initial and ongoing credit review costs, as well as administrative costs incurred by Esquire to support the loan technology platform (iCase).
