Law Technology Today From the ABA Legal Technology Resource Center
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.
Learning Objectives:
• 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.
