Based upon the ferrohydrodynamic flow model, a lubrication equation in cylindrical coordinates for ferrofluid squeeze films including the effects of convective inertia forces and the presence of transverse magnetic fields has been derived for engineering application. As an application, the problem of parallel circular disks is illustrated. It is found that the ferrofluid circular squeeze film considering fluid inertia effects provides a higher load capacity and a longer elapsed time as compared to the non-inertia non-ferrofluid case. These improved characteristics are further emphasized for larger values of the density parameter, the Langevin parameter and the volume concentration of particles.