LeanLaw and Gravity Legal Partner to Offer Law Firms a Comprehensive Trust Accounting Solution
The combination of LeanLaw + Gravity Legal + QuickBooks Online gives law firms a comprehensive and automated solution for requesting and accepting trust payments, in compliance with ABA standards and minimizing manual workarounds.
Boise, Idaho, October 16, 2020 — Today LeanLaw announced its strategic partnership with Gravity Legal, a company that reduces the risk, cost, and administrative burden of accepting payments and managing funds in a trust or IOLTA account.
“We’re excited to partner with a nationally-recognized leader in payments like Gravity Legal,” said Gary Allen, founder and CEO of LeanLaw. “By combining our products, we’re able to offer our clients a full-service solution for their trust accounting needs. Compliance with trust accounting is critical for our law clients, so this partnership is more than just a technical solution, it gives clients peace of mind.”
LeanLaw is a cloud-based timekeeping, billing, trust accounting and reporting software that customizes QuickBooks Online and QuickBooks Online Advanced for law firms. Gravity Legal adds to the automation and integration of LeanLaw by providing a crucial solution to the historical headaches of trust accounting in law firms. Electronic trust requests and deposits will be the way forward, pioneered by Gravity Legal and LeanLaw.
“With tens of thousands of lawyers already using QuickBooks to manage their books, LeanLaw is meeting lawyers where they already are,” said Dan Lear, head of marketing and partnerships at Gravity Legal. “This integrated partnership allows lawyers to leverage the power of LeanLaw and the ease, simplicity, and compliance of accepting electronic trust payments through Gravity Legal. More than anything, we know this integration will make life easier for lawyers and law firms.”
The mid-sized law firm software market is populated with out-dated, mostly on-premise and server-based tools. These products are typically overbuilt and lack flexibility, anywhere access and integration with other parts of the law firm’s finances.
LeanLaw and Gravity Legal have disrupted and innovated the mid-sized market by delivering a flexible solution tailor-made for businesses at this stage of growth. Retainers are key to the financial health of a law firm. Having robust accounting for trust management reduces the risk of unpaid bills and increases the speed of payment for law firms.
“LeanLaw has solved trust accounting for law firms,” says LeanLaw CEO, Gary Allen. “You can now make legal trust deposits and pay invoices from trust using LeanLaw as part of a fully automated process. What used to be a daunting 12-step trust accounting process in QuickBooks Online is now one click. With the addition of Gravity Legal, you can now accept trust deposits by credit or debit card and bank transfer directly into LeanLaw. The bookkeeping headache of retainers has truly disappeared.”
How trust accounting works with LeanLaw and Gravity Legal:
- Send a trust deposit request directly through LeanLaw
- The client receives an email requesting an electronic trust deposit
- The client pays the trust deposit by credit/debit card or bank transfer (ACH)
- The trust deposit is automatically added to the trust liability account in Quickbooks
- All processing fees are deducted from the firm’s operating account
Since the trust depository happens directly into QuickBooks, there is true compliance with bar regulations and there is no manual workaround for the accounting professionals. The balances are immediately updated, in real-time.
LeanLaw empowers the financial well-being of lawyers in their essential role upholding the rule of law and the ideal of justice for all. Our products include LeanLaw Core and Pro, which are timekeeping, billing, trust accounting and reporting softwares for small and mid-size firms. LeanLaw customizes QuickBooks Online for law firms, smoothing workflows, and creating data transparency and data insights.
About Gravity Legal
Gravity Legal was born out of Seattle-based Gravity Payments by a team passionate about helping law firms succeed. For over a decade, Gravity has helped law firms accept payments for both earned and unearned funds. At Gravity Legal we’ve built a team of attorneys, engineers and trust/IOLTA account auditors focused on helping firms remain compliant with the rules of professional conduct while providing their clients with a simple, convenient, payment experience.