Forty-five percent of law firm bills are late because the client cannot pay all at once. Often these law firms must accept a reduced amount or write off the bill.
Payment plans enable lawyers and clients to meet and overcome these fiscal challenges, but they can change the landscape of a law firm on a larger scale. Legal services subscribers, evergreen retainers, and distributed billing are all new business models that law firms are using. Is it time to put your firm on a layaway plan?
In this video, Joshua Lenon, Clio’s Lawyer in Residence, as he explores how payment plans by law firms change the balance sheet for law firms and clients alike.
• Collect more: reduce your firm’s collection times and increase cash flow
• Deliver better client service: make it easy for your clients to pay you on their terms
• Set and forget: reduce your firm’s non-billables and spend more time practicing law
Please note: this is a non CLE session.
Feature image from Shutterstock.