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When it comes to payments, is your firm giving clients the flexibility they desire and deserve? Electronicpayments are essential if you want to provide an excellent client experience while increasing your firm’s efficiency and revenue. What are electronicpayments? Electronicpayments can take many forms.
Abacus Payment Exchange (APX) is a proprietary tool that has been built from the ground up and engineered exclusively for law firms. If queried, most law firms would point to March of 2020 as the point in time that everything changed. And when was the last time you held physical cash in your hand?
It’s also an important metric for law firm owners to track —especially if you want to grow your firm and improve your profitability. According to the 2020 Martindale-Avvo Attorney Compensation Report , the average 2019 compensation for providing billable legal services for a solo law firm was $150,000 per year.
The 2022 Legal Industry Report was compiled by the electronicpayments company LawPay and the law practice management company MyCase, both of which are owned by AffiniPay , based on a survey of more than 2,300 legal professionals during August and September. Legal billing and time-tracking software, 42%. ”
In February 2020, private equity firm TA Associates acquired AffiniPay in an auction. I was rereading the Thomson Reuters 2020 State of the Small Law Firm report. I read that the company’s revenue grew 75% from 2017 to 2019, and that it finished 2020 with about $80.5 For a long time, LawPay almost had the market to itself.
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