Law Firm Cash Flow as a No-Brainer
You never want cash flow to be an issue at your legal practice. If you set up your legal billing process thoughtfully, it never will be. LeanLaw legal billing software is here to show you the way to the easy, fluid version of accounts receivable management in your law firm. You will automate your collection procedures and collect more money with LeanLaw.
Streamline client intake to introduce online payment methods
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 payment options. 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 client 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.
Get Paid Faster Using LeanLaw Law Firm Cash Flow Solutions
ACH Payments
A better solution than credit card payments 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.
LeanLaw Payments makes the collections process a breeze
Saving time for everyone, online payments are immediate and easy to navigate. LeanLaw’s integration with QuickBooks Online and Confido Legal makes payment processing 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.
Retainers
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. IOLTA trust accounting in LeanLaw is a breeze and ABA compliant, thanks to our deeply integrated workflow within QuickBooks Online and Confido Legal.
LeanLaw & Confido Legal solve trust accounting for law firms.
LeanLaw’s Confido 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 an IOLTA compliant way.
Retainers for legal services should be set up as a best practice. Especially when creating the client relationship, but really, always and forever. Evergreen retainer automation helps mitigate AR issues because you’re always keeping a certain balance in the trust account. Confido and LeanLaw overcome the internal objection that this is hard to manage, expensive, or confusing.
Why Does My Law Practice Need an IOLTA?
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 accounting software, 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 notification can be sent to the client.
Collect more of your Law Firm Accounts Receivable with LeanLaw
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 notifications for past due invoices. 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..
