Did you know that nearly 20 percent of the average lawyer’s workday isn’t billed for? Or that, of the hours that are invoiced, 14 percent are never paid? These low collection rates mean every year law firms are leaving thousands of dollars on the table. And if a firm has a consistently low collection rate, it can impact cash flow and, in turn, lead to serious financial hardship.
Fortunately, we’ve found the key to not only avoiding non-payment but also getting paid faster: convenience. Research shows lawyers who make paying as convenient as possible (for example, by offering online payment options) are consistently reimbursed sooner. In fact, over half of online payments get paid the same day they’re billed, and 85 percent are paid within a week of receipt.
What’s more, accepting online payments can be the difference between securing and losing a potential client. According to last year’s Clio Legal Trends Report, 50 percent of consumers in need of legal services are more likely to hire a lawyer who takes online payments and 47 percent are more likely to hire a lawyer who accepts automated payments. Additionally, 40 percent of individuals searching for a lawyer say they wouldn’t hire an attorney who didn’t accept credit or debit cards.
If you’re interested in increasing your collection rate and improving cash flow, LawPay can help. Trusted by over 135,000 legal professionals, LawPay makes it easy to accept credit card, debit card, and eCheck payments. Our suite of payment tools gives you the flexibility to allow clients to pay their invoices from anywhere.
Use our Quick Bill feature to send clients a secure link to their invoice so they can pay in seconds. Add a custom Payment Link to your invoices, emails, and website to make the payments process simple and seamless. Establish payment plans with our Scheduled Payments tool to guarantee invoices are paid.
Plus, unlike generic online payment solutions, LawPay was developed specifically for lawyers. Not only does LawPay prevent commingling of earned and unearned funds, it also protects your trust account from any third-party debiting. It’s the only payment solution that ensures ABA and IOLTA compliance for credit card, debit card, and eCheck transactions.
It’s time to transform the way you accept payments. Sign up for LawPay today at lawpay.com/texasbar.
Exclusive Offer for State Bar of Texas Members: Create a new LawPay account by December 31, 2019 and pay no monthly fee for six months.