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The pandemic has made it more essential than ever before for lawfirms to accept electronicpayments. Clients who now pay everything else online have no appetite for lawyers who require paper payments. Plus, lawfirms that accept e-payments get paid faster and increase their collections, studies suggest.
An ABA study found more than 60% of lawfirms still use paper checks as their main payment method. Legal industry is undergoing a digital transformation, within which electronicpayment processing is a driving concern. Select a processor that is designed to meet the needs of lawfirms and is IOLTA-compliant.
The law practice management platform Filevine has added the build-in ability for lawfirms to accept electronicpayments from clients, capping off its suite of time and billing capabilities in a new feature set it calls Time Tracking, Billing, and Payments.
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? Scheduled payments.
When it comes to the payment for legal services that you offer, is your lawfirm giving the flexibility your clients want or deserve? Process of billing and payment collection is not anyone’s favorite part. But they are crucial for the lawfirm. What are ElectronicPayments?
It’s also an important metric for lawfirm owners to track —especially if you want to grow your firm and improve your profitability. But how do you know if your lawfirm’s revenue is enough to grow and scale your business? And how does your firm’s revenue stack up against the average lawfirm revenue?
Abacus Payment Exchange (APX) is a proprietary tool that has been built from the ground up and engineered exclusively for lawfirms. If queried, most lawfirms would point to March of 2020 as the point in time that everything changed. Balance Forward: Introducing Abacus Payment Exchange (APX).
As a lawfirm, it’s crucial to be aware of the significant risk posed by the commingling of funds and take proactive measures to prevent it. Best Practices to Guard Against Commingling To ensure your lawfirm does not engage in commingling, it is essential to establish and maintain separate operating and trust accounts.
A legal industry report released today by the sibling legal technology companies LawPay and MyCase provides unique insights into the technology tools that matter most to smaller lawfirms in the post-pandemic era. Other types of cloud software used by firms: Calendar management software, 44%. Firms Ready for Remote Work.
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.
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.
You might find this information shocking coming from the company that created the first online legal billing and law practice management software… . Want to safeguard your firm’s success in 2023? Electronicpayments . Integrated electronicpayments . Brace yourself. Really.) . Simple reporting .
Not surprisingly, the pandemic drove greater use of electronicpayments across all industries, with the volume of electronicpayments up 11.2 % in the first quarter of 2021 over the prior year. With e-payments, the time it took firms to collect invoices decreased by 20.4%, and their collections increased by 6.7%
Traditionally, one of clearest divisions in web-based law practice management systems was between products that supported billing and trust accounting, and those that offered billing, trust accounting, and general ledger accounting. Until July, Clio, one of the earliest, best-known, and most successful LPMS products stood in this category.
Lawfirms of all sizes are feeling pressure to meet client demand for both tailored services and greater efficiencies in this rapidly changing industry. This trend toward the increasing technology in law is echoed by industry analysts. Must lawfirms keep pace with their clients’ technology efforts?
Now, the electronicpayments company LawPay is bringing buy now, pay later financing to the legal industry. It will soon begin rolling out a new payment-financing option for legal clients, ClientCredit , which allows clients to pay for legal services over time while the lawfirm receives 100% of the invoiced amount upfront.
LeanLaw , a company that provides a financial operating system for small and mid-sized lawfirms, said today it has raised $4 million in a Series A financing round led by FINTOP Capital. “We look forward to partnering with LeanLaw to help lawfirms operate smarter and improve their financial performance.”
Poor cash flow is a problem that no lawfirm wants to have. For a lawfirm, client portals make it more likely that clients will pay their bills on time. Lawfirms who accept online payments typically get paid faster, and those payments are easier to track for all parties.
In fact, during 2022’s “Great Resignation,” a third of lawyers who quit their jobs did so to start their own solo practices, according to Legal Trends for Solo LawFirms , a report published today by law practice management company Clio. One clear takeaway is that there are both good and bad aspects to solo practice.
LeanLaw , a company that provides a financial operating system for small and mid-sized lawfirms, said today it has raised $4 million in a Series A financing round led by FINTOP Capital. We look forward to partnering with LeanLaw to help lawfirms operate smarter and improve their financial performance.”
In the latest episode of our video series How It Works , we learn about LawPay , the electronicpayments solution developed specifically to help lawfirms streamline billings and collections by providing a simple, secure way for legal clients to pay their bills online.
Lawmatics , a company whose product provides client relationship management (CRM), client intake and marketing automation for attorneys, is now adding timekeeping and billing tools, with the goal of offering lawfirms a comprehensive platform with everything they need to manage their administrative sides.
Paradigm says it has seen substantial growth in recent years as lawfirms have moved to cloud-based products, and that it currently serves 11,000 lawfirms. This news comes amid a period of unprecedented investment in law practice management technology. Financial terms were not disclosed. 25, 2020).
The Clio Cloud Conference is always the occasion for the law practice management company to announce new and enhanced products, and today’s kick-off of this year’s event was no different, with CEO Jack Newton unveiling what he described to me as the most important product release since Clio’s debut 13 years ago. ”
As the legal industry’s most in-depth examination into the state of legal practice, the Legal Trends Report brings together critical insights about lawfirm performance. This report helps mid-sized firms navigate modern challenges, distinguish themselves from smaller firms, and unlock new opportunities.
As the legal industry’s most in-depth examination into the state of legal practice, the Legal Trends Report brings together critical insights about lawfirm performance. This report helps mid-sized firms navigate modern challenges, distinguish themselves from smaller firms, and unlock new opportunities.
Lawfirms looking to improve collection rates should consider online billing and payment options, according to new data from Clio’s 2023 Legal Trends Report. Based on its data, Clio said the time lawfirms spend adding small efficiencies is leading to significant long-term gains. as well as a survey of 1,446 U.S.
economy, smaller lawfirms are showing greater optimism about their futures, as evidenced by the face that they are either maintaining or increasing their 2023 budgets across most key categories, according to a survey report released today. Many of these firms are actually investing more in their practices instead of scaling back.”
Are you a busy lawyer struggling to balance the demands of legal practice with the complexities of managing your lawfirm’s finances? Leaving little time to focus on the critical aspect of running a successful lawfirm — financial management. If so, you’re not alone.
What with COVID, the economy and the day-to-challenges of practicing law and managing a firm, it’s been a tough three years. Yet despite it all, smaller lawfirms have a bullish outlook on their future prospects — and with good reason. This Week In Legal Tech: Exclusive Results Of A New Small-Firm Survey.
According to the comments on this rule, this means that funds belonging to clients and third parties must be kept in trust accounts, and lawfirms must maintain books and records on those accounts. A lawfirm must keep separate the funds in a separate operating account for the firm from the trust account funds.
Way back in 2020, I wrote about how the pandemic had escalated the importance of electronicpayments as a feature of law practice management software. Payments are directly deposited into the lawfirm’s operating or trust account. Firms control where funds for retainers and invoice payments are deposited.
In a deal that is sure to shake-up the already hyperactive market for law practice management software, AffiniPay , the parent company of the electronicpayments platform LawPay , has acquired the law practice management company MyCase. In our interview this week, I asked her how this deal fit that condition.
LollyLaw , a cloud-based practice management platform designed for immigration lawyers, is today launching a native electronicpayments platform, LollyPayments. The new e-payments capability enables LollyLaw customers to collect and reconcile payments without having to switch between LollyLaw and third-party vendors.
The law practice management platform Filevine has added the build-in ability for lawfirms to accept electronicpayments from clients, capping off its suite of time and billing capabilities in a new feature set it calls Time Tracking, Billing, and Payments.
Last month, AffiniPay , parent of the popular legal payments platform LawPay , named Dru Armstrong as its new CEO. With degrees in both law and business from the University of Chicago, Armstrong was previously CEO of Grace Hill , a company that provides software for owners and operators of real estate properties.
With this in mind, you may be wondering if offering payment options like ACH payments could benefit your business, and your clients. As a secure electronicpayment method, the ability to accept ACH payments quickly and easily allows you to give your clients a seamless payment experience while helping your lawfirm get paid faster.
Not surprisingly, scores of companies are already using this form of payment: in 2022, the ACH Network processed a whopping 30 billion eCheck payments. Saving time With eChecks and other electronicpayments, business owners save a great deal of time. Kaitlyn Chiappetta, an Associate at the Law Office of Melanie J.
Once launched, the sites connect to other tools within Clio to enable online appointment scheduling, client intake, electronicpayments and Google Analytics. Newton told me that the sites are intended for individual lawyers only, not as a full lawfirm site. Enhancements to Payments and Billing. Effective Oct.
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.
The idea still might feel foreign to those who run professional practices, like solo or small lawfirms. Although it might feel comfortable to stick with the paper check or walk-in-to-pay system, there are numerous benefits to accepting e-payments. What Are E-Payments? How Can E-Payments Help Your LawFirm?
It has been a notable year for the practice management company MyCase , one in which it made four notable acquisitions of other practice management products, and then itself was acquired by AffiniPay , the parent company of the electronicpayments platform LawPay.
Today, March 8, 2023, marks 10 years since Daniel Martin Katz , Renee Knake Jefferson and a group of colleagues and students from Michigan State University School of Law hosted ReInvent Law Silicon Valley at the Computer History Museum in Mountain View, Calif. This wasn’t just “another legal tech event.”
As we continue to emerge from the pandemic, I asked Newton how he sizes up the legal profession today and what he sees as the impact of the pandemic on the practice of law. Many lawfirms emerged from the pandemic better and stronger than before, he said. Legal Trends Report. Remaining Client Centered.
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