Esquire Financial Holdings, holding company for professional and legal services-facing Esquire Bank, this week announced a $2.5 million investment and nearly 5 percent ownership interest in law firm management software Litify. The two companies have executed a marketing and exclusive development agreement to develop automation tools and financial applications for law firms, including a real-time asset-based lending application for commercial law firms.
Esquire Bank CEO and president Andrew Sagliocca explained that Esquire Bank’s work with law firms means they have to read a firm’s current and existing caseload the way other banks might look at accounts receivable to set financing rates. Small firms tend to keep case information in Microsoft Excel, while slightly larger firms may use database program Access or an internal system to manage cases. “It’s a cumbersome process. It’s static by nature and it may not be as accurate and complete as you want it to be,” he said.
