Buffalo, NY (PRWEB) March 10, 2016
Counsel Financial, the market leader in working capital and growth capital lending for plaintiffs’ attorneys in the United States, announced a new initiative focused on expanding its footprint in the State of Louisiana.
The Company, which provides lines of credit and other financial products aimed at helping plaintiffs’ attorneys grow and solve financial challenges, recently closed upon three new facilities for attorneys in Baton Rouge and New Orleans. The company is making a strategic effort to grow its network in the state.
“Louisiana is an important market for us and we are committed to supporting the ecosystem for plaintiffs’ attorneys here,” said Paul Cody, the company’s President. “The combination of outstanding lawyers and firms with an appetite for growth makes it an ideal place for us to make an impact.”
Counsel Financial fills a much-needed gap in financing for growing personal injury, class action, mass tort and labor and employment firms. Because law firms cannot sell equity to raise funds like other businesses, firms must typically borrow to fuel growth. Plaintiffs’ attorneys are uniquely challenged in that they must advance expenses on behalf of their clients well before a case resolves and most traditional banks fail to provide adequate lending solutions, frequently resulting in a cash crunch that halts growth. Counsel Financial, a company founded by plaintiffs’ lawyers, understands this problem and provides flexible lending solutions to help such firms.
Of the recent transactions, Counsel Financial provided a credit facility for the Olinde Firm, LLC, a mass tort and personal injury firm in New Orleans. “Counsel Financial is a must for law firms seeking rapid and substantial growth. Traditional lenders were simply unwilling and unable to recognize as collateral the most valuable jewels of our practice, which are our contingent receivables,” said Fred Olinde, founder of the Olinde Firm, LLC. “We have been with Counsel Financial for six months and with borrowed capital from them, we have put forth an aggressive marketing plan, vastly grown our receivables, added employees and opened a new office.”
Similarly, Counsel Financial provided a credit facility for the Whitehead Law Firm, a firm with a broad practice but a growing concentration in federal labor, wage and hour litigation. “My bank line of credit came up short on what I needed to grow my federal labor and wage practice. Counsel Financial got it done for me when the bank could not, more than doubling my available credit and funding my office expansion,” said Jack Whitehead, owner of the Whitehead Law Firm.
The announcement follows the company’s release of its Hybrid Line™ product in the third quarter of 2015, a line of credit product combining the low rates of senior bank financing with the capacity of growth capital.
About Counsel Financial
Counsel Financial is the largest provider of working capital lines of credit to plaintiffs’ attorneys in the industry, having loaned nearly $1 billion exclusively to plaintiffs’ attorneys in its 15-year history. Counsel Financial sets the standard for innovation and flexibility in its loan offerings, structuring terms that are conducive to the unique demands of contingency fee practices. Leveraging 200+ years of internal legal experience, Counsel Financial has financed the growth of firms in every area of plaintiff litigation, including personal injury, mass torts, class action and labor and employment. The company is exclusively endorsed by seven national and state trial organizations, including the American Association for Justice and The National Trial Lawyers.