Michael Swanson | Law Firm Finance 101: Essential, Practical Tips for Stability and Success

Michael Swanson

Michael Swanson

Michael Swanson is the Chief Executive Officer and Chairman of the Board of Directors at Advocate Capital, Inc., a litigation finance firm that provides funding to law firms, lawyers, and plaintiffs for legal disputes. Michael’s daily role covers a wide variety of responsibilities, including client relations, strategic planning, marketing, and public relations.

Before joining Advocate Capital, Inc., Michael was the President of Wellgen Standard LLC, a private equity firm, and the Vice President and General Manager of Champion America, Inc. Michael is the author of How David Beats Goliath: Access to Capital for Contingent-Fee Law Firms, and he also hosts the How David Beats Goliath Podcast.

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Here’s a glimpse of what you’ll learn:

  • Michael Swanson explains the importance of plaintiffs and their lawyers having access to capital
  • Why lawyers often struggle with financial and business issues
  • Common mistakes lawyers and law firms make when dealing with finances
  • Michael discusses the misconception that debt is an asset and explains why it is actually a liability
  • The financial trends Michael is seeing in the legal industry as a result of the pandemic
  • Michael’s tips for lawyers looking to apply for loans in 2021
  • How to feel confident about your finances—without having to become an expert
  • Michael’s number one piece of advice: build your net worth outside of your firm

In this episode…

Where do you turn when you don’t feel confident about the finances of your business? Is there a way to gain capital outside of your firm? Most importantly: what do you need to know in order to stop stressing about your finances in 2021?

As the Chief Executive Officer of Advocate Capital, Inc., Michael Swanson knows that lawyers often struggle with financial and business issues. That’s why he decided to help lawyers manage their financials so they can get the best possible results for their clients and their businesses. With his expertise and insights, you can be more confident about your finances—without having to become an accounting expert.

On this episode of The Lawyer’s Edge podcast, host Elise Holtzman sits down with Michael Swanson, the Chief Executive Officer and Chairman of the Board of Directors at Advocate Capital, Inc., to discuss everything lawyers need to know about loans, capital, and finances in 2021. Michael outlines common mistakes lawyers make when dealing with finances, his tips for applying for a loan, and the importance of increasing your net worth outside your law firm. Stay tuned.

Resources Mentioned in this episode

Sponsor for this episode…

This episode is brought to you by The Lawyer’s Edge, a firm based in the New York metropolitan area founded by Elise Holtzman in 2008 to help lawyers become skilled business developers and leaders so that they can grow their practices, retain top talent, and step confidently into leadership roles.

The firm offers customized coaching, consulting, and training programs such as their signature business development program, Lawyers Making Rain.

Now more than ever, it’s not enough to just do good work and hope your law firm will thrive. And no matter how smart and hard-working you are, it can be time-consuming and overwhelming to figure it all out by yourself.

To learn more about how we help lawyers become rainmakers and leaders, visit thelawyersedge.com or email us at podcast@thelawyersedge.com.