Law Firm Cash Flow as a No-Brainer
You never want cash flow to be an issue at your law firm. If you set up your operations thoughtfully, it never will be. LeanLaw is here to show you the way to the easy, fluid version of AR in your law firm. You will collect more money with LeanLaw.
Streamlining client intake to introduce electronic payments
When introducing a client to your firm, they fill out a lot of paperwork during the intake, yes? Part of that paperwork should include setting them up for electronic payments. You do not want to receive a check in the mail anymore. Checks slow down the AR process.
Credit Cards – Get Paid 2x Faster
You may have an opinion about receiving payment via credit card, but think about this: even if you have to pay more money than you’d like in fees to the credit card company, you will save a bunch of time (and therefore, money) now that you don’t have to chase these clients to pay you. And they get the miles for using their credit card: win win.
A better solution than credit cards is to set up new clients to pay via their banks – Automated Clearing House Network, or ACH, is a network used for electronically moving money between bank accounts across the United States. The cost for these transactions is much less than credit cards and just as easy and secure.
Saving time for everyone, electronic payments are immediate and easy to navigate. LeanLaw’s integration with QuickBooks Online makes both of these kinds of payments super easy to setup and execute. When a client doesn’t have to stop and write a check or fish out their credit card from their wallet, they will pay you more quickly. Your client will receive a custom link that enables them to pay with ease.
Even speedier than electronic payments are retainers / IOLTA trust accounts. Requesting retainers – and even evergreen retainers — with a custom link is an elegant way to make sure your client is never behind on his bill. Trust accounting in LeanLaw is a breeze and ABA compliant, thanks to our deeply integrated workflow within QuickBooks Online and Gravity Legal.
LeanLaw’s Gravity Legal integration makes asking for retainers easy because you can set it up as an automated request when the trust balance dips to a certain level. You’ll have peace of mind, knowing that the client will receive a professional request and when the client makes the deposit, all of the accounting will be facilitated in a IOLTA compliant way.
Retainers should be set up as a best practice. Especially with new clients, but really, always and forever. Evergreen retainers help mitigate AR issues because you’re always keeping a certain balance in the trust account. Gravity and LeanLaw overcome the internal objection that this is hard to manage, expensive, or a confusing.
When the money you are owed is already in the trust account, it just takes a few clicks to be paid. And when you use LeanLaw, the client’s invoice can automatically show their trust balance so they always know where they stand with regard to their obligation to the law firm. When the trust account goes below a certain value, an automated request can be sent to the client.
Saving time on invoices and emails
When your clients receive a bill in a timely manner, they will pay you more quickly. If it takes you a month or more to submit a bill, they may have forgotten (and you may have forgotten) what exactly you did to justify the cost. Recreating a past work memory is not so easy: you will most likely be imagining what you did to the best of your ability. Additionally, that is not time you can charge for. Not a best practice.
In LeanLaw, timekeeping is anywhere, any device, and in the cloud. You can track time via calendaring, timers, or a mobile app. Even better, the data you entered in your time tracking is automatically pushed to the invoice. No more manual work, copying your timesheet to the invoice. LeanLaw also has the capability to create bulk invoices, a true timesaver.
Reducing overdue invoices with automatic reminders
Lastly, in LeanLaw, you can set up automated reminders for invoices that have yet to be paid. And with one click, you can receive a report that shows you which invoices are outstanding. When you stay on top of your AR, your clients will pay more promptly, and you will collect more money with LeanLaw.