If getting paid on time or with minimal effort from the clients at your law firm is a relatable pain point, keep reading.
Not Getting Paid in a Timely Manner
Entering Time & The Invoice
Many times, the late invoice is the culprit. If your law firm client receives the invoice more than a month after the work was discussed and performed, they forget exactly what you spoke about. Sometimes, they call you to explain this again before they pay. Your time is money and you don’t get money for explaining an invoice.
If you can get the invoice to the client more quickly, they are more likely to remember the work discussed. How do you do this?
LeanLaw software offers you law firm cash flow solutions with four different ways to enter time — and none of them involve a legal pad where you rip off the sheet and give it to a secretary.
- Mobile App (Android or iOS)
- Calendar view with Timers
- Web App Pop-Up
- Bulk Time Entry
Timekeeping in LeanLaw gets automatically pushed to your invoice. Streamlining this process gets it done faster. When clients receive their invoices quickly, they are more likely to pay quickly — especially if you have the option to pay electronically.
The Bank Check
Are you still taking paper checks? It’s 2021: it’s time to stop with the checks. Make it easy on your clients to pay. They’ll pay faster that way.
Even with the fees on credit cards, you will come out ahead if you accept electronic payments — you don’t have to pay someone to chase that money or take the check physically to the bank. And if you use the Intuit payment network with an ACH option, the fees are truly inexpensive.
IOLTA Trust Retainers
Many law firms have stopped taking retainers because the accounting is so complex. This is not a sustainable idea.
When you process retainers in an ABA compliant way, you never have to chase down your clients for payment. It’s all there: you just transfer the payment from the trust account to the law firm bank account.
With retainers, you can go from collecting 60 cents on the dollar to the whole dollar.
LeanLaw law firm financial software turns what used to be a daunting 12-step trust accounting process in QuickBooks Online into a few clicks. This is a true, ABA compliant integration with QuickBooks Online instead of a sync that someone in the law firm has to straighten out later.
LeanLaw’s mission is to turn law firms into better businesses. We’ll get you there.
Jonathon Fishman, two-time founder with an exit of $25 million. He has 20 years of C level experience specific to B2B focused software and solutions. He has a knack for translating and interpreting market conditions into internal and external objectives. He has developed businesses around immature markets in the areas of tele-health, educational assessment, interactive television, video game and web development and mobile technology. He’s also a crazy Lakers fan!