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Legal industry is undergoing a digital transformation, within which electronicpayment processing is a driving concern. Key Considerations for Choosing a Law Firm ElectronicPayment Processor The choice of the electronicpayment processor is one of the key decisions for your law firm.
Process of billing and payment collection is not anyone’s favorite part. For some,it can be very daunting and time consuming. Thankfully, there’s a better way your firm can accept payments, and that is through an electronicpayment system. What are ElectronicPayments?
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.
Similarly, if the client paid a retainer that the firm bills against, timely withdrawal of earned fees becomes crucial to avoid commingling firm funds with client funds. Consequences of Commingling Funds Whether intentional or accidental, attorneys found to have commingled funds can face a variety of consequences.
Legal billing software streamlines many essential billing tasks for law firms—like tracking billable hours and expenses, creating invoices, and managing payment collections. In the following blog post, we’ll explore how to find the best legal billing software for large firms like yours. Pros: It enhances productivity.
To provide timely service to every client in a timely manner, clear ownership and deadlines for tasks are vital. . When your tasks are clearly organized, it’s easier to tell whether matters are on track. . Digital document management offers more than time-saving benefits, though. Electronicpayments .
If a firm fails to withdr aw its earned fees in a timely manner, the firm is again commingling firm funds with client funds. If funds from multiple clients or third parties are in a single trust account, you must track the funds belonging to each client or third party. Want more Clio News?
First up is the online payments company LawPay , which today is announcing a new product tier, LawPay Pro, that enhances the standard LawPay electronicpayments platform with the addition of legal billing features. Time and expense tracking. Contact management.
Subscribers to Clio Manage track billable events, send invoices, receive electronicpayments, and track trust account activities. All firm finances live in one place, making it easier than ever to see a clear, timely picture of how well the firm’s business is doing.
Leaving little time to focus on the critical aspect of running a successful law firm — financial management. Helping you stay on track to achieve your financial goals. Tax Planning and Compliance: Tax planning is an integral part of financial management for law firms. If so, you’re not alone.
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