The obstacle of time is another aspect that usually prevents adequate payment tracking. Even if bills are tracked, the reminders are typically inconsistent, thereby making the entire legal billing and payment process an overwhelming affair that many legal firms struggle to rectify. This necessitates the need for an automated legal billing and payment solution that can run in the background, allowing law firms and lawyers to focus on legal practices and improve their total billable hours.
“Our vision is to create a world where legal professionals are really technologically-empowered and set up for success. And that can only happen when lawyers spend more time doing the work they’re meant to do (i.e., legal practice) and less time doing client billing and invoicing,” states Meg Swanson, the chief marketing officer at LawPay. To this extent, LawPay has developed a bespoken digital payment solution for law firms, which enables them to automate their billing and invoicing processes. Not just that! LawPay’s legal payment solution lets law firms accept modern payment methods through mobile applications, QR codes, and more. “We are combining billing and invoicing automation with digital payment solutions to paid for 100 percent of their time,” shares Meg. And to make this all happen in the most secure fashion, LawPay also makes sure that its payment solution complies with the Payment Card Industry Data Security Standards (PCI-DSS). As an ancillary benefit of such a secured payment solution, Lawpay’s clients can easily accept fund payments in compliance with the American Bar Association (ABA) and Interest on Lawyer Trust Accounts (IOLTA) guidelines.
In order to best explain how LawPay’s legal payment solution can help law firms to improve their business, let’s look at a case study. One of the legal firms in Steubenville, TX, was using a payment system that wasn’t efficiently protecting their IOLTA funds. To mitigate this shortcoming, the firm opted for LawPay to not only better manage their IOLTA account but also make their daily operation simpler and more efficient. LawPay’s integrated payment solution, additionally, allowed the law firm to use different payment options and features, allowing their end customers to pay in their preferred modes.
“Besides, by using our mobile app, the firm could allow its attorneys to consult and accept payment from their clients on the go. These innovative options resulted in a 10 percent increase in the firm’s profit margin. Of this 10 percent, the ease of making payment and increased billable hours contributed to six percent, and profitability increased by four percent,” says Annie Hinners, brand manager at LawPay. “This is a prime example of how LawPay truly understands the nuances of law firms, and thereby sets its clients up on the road to success,” she further reinstates.
We are combining billing and invoicing automation with digital payment solutions to increase law firms’ verall billable hours and ensure that they get paid for 100 percent of their time
To best craft such client success stories, LawPay maintains a strict focus on the voice of both the clients and their end customers, which ultimately translates to a surprisingly excellent user experience. LawPay makes its solution’s user interfaces intuitive enough for any individual to use it without requiring to have any technical knowledge. LawPay further backs this up with a superior customer support service, where clients can directly interact with support executives without wasting time on IVRS. “We understand that the hours that that law firms need to work in a day, they don’t have time to be waiting on a customer service call, their time is money,” adds Annie. Doubling down on such a dedicated customer service approach, the LawPay team never leaves its clients’ side and doesn’t shy away from mitigating any unexpected issues that they may rarely face. And if one takes such a client-centric service approach into consideration, there’s no surprise that LawPay has consistently been featured on Inc. 5000 list for 10 straight years—which is a feat achieved by only one percent of all companies.
Preparing Legal Firms for the Post Pandemic World
At this juncture, it is needless to say that LawPay’s cutting-edge legal billing and payment solution is making the company a go-to partner for legal firms looking to flourish in the post-pandemic world. Annie explains that typically, legal firms maintain a very personal relationship with their end clients. Since people seek out legal solicitation during a personal or business tragedy, the client-attorney relationship is often one of the most delicate ones. But during the COVID-19 pandemic, legal firms had to pivot from what was very much in-person face-to-face client interaction to embrace and maintain those strong relationships and meet with their customers in a secured fashion. And as more and more legal firms started getting accustomed to meeting and interacting in a digital space, the provision for online payment is also fast becoming a popular client demand. The LawPay legal payment solution—being already accustomed to the digital payment realm—is perfectly suited to meet this demand. As a matter of fact, LawPay has helped many legal practices move their businesses entirely in the digital realm with fully integrated payment solutions during the pandemic without breaking a sweat. These lawyers have witnessed a 22 percent increase in cash flow even during the peak of the COVID-19 pandemic by using LawPay’s payment solution.
Moving ahead with such an innovative payment solution for the law firms, LawPay is now looking to add Buy Now Pay Later (BNPL) feature to the payment solution. The company is also planning on its existing capabilities by working alongside some of the renowned legal bodies of the U.S. “All in all, we want to continue offering financial stability to law firms by preparing them for any unexpected roadblock like the recent COVID-19 pandemic. And we will continue adding and integrating new legal payment workflows on top of our existing solution,” concludes the LawPay team.