Pay Master: One Simple Way to Collect Revenue in Your Law Firm

The main reason law firms struggle to collect revenue is because they’re always taking payment in arrears & then chasing clients for the money.  That is a strategy that is absolutely proven not to work, because law firms collect only around 70% of their bills.  So, you’re only actually making 70 cents of every dollar you invoice – and, that’s before we even address taxes, or business expenses. 



But, if you can make one simple change in your law practice, collection becomes so much easier & your collection rate will skyrocket!  The change is pretty simple, too. 

 

All you have to do is collect electronic payments & initiate the payments on behalf of your clients, instead of waiting for them to do it.  The most common method by which this is done is by acquiring your clients’ credit card information, adding it to your payment processing tool, and clicking a button, when a charge needs to be made.  That’s it.  No more waiting interminably, and wondering whether your client will ever pay you. 

 

And, all you need to make this happen is an epayments software (which are now embedded in most case management softwares) + a credit card authorization form (completed by your client) reflecting the nature of the payments clause, for your practice. 

 

That’s all there is to it. 

 

. . . 

 

If you want to get paid, just reach out + we can run down your options, and run out your A/R. 

Through a unique partnership between the bar association and Jared Correia's Red Cave Law Firm Consulting, National Creditors' Bar Association members have access to experienced law practice management consultants at a special discount rate.

To get started, visit Red Cave's NCBA landing page, and start running your law practice like a business.

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