Credit card payments promise ease and convenience for the consumer. That’s why people are making more payments than ever before, including recurring monthly payments like bills, with their credit cards.[1] Many lawyers know that offering online payment options to their clients makes bill payments faster and easier, resulting in more bills paid – and paid […]

Accepting credit cards helps cash flow, provides a convenient way for clients to pay, and gets rid of the time spent processing checks and applying payments. To start accepting credit cards, your firm should take the following steps. First, you need to decide on a credit card merchant. Be sure to keep in mind that […]

Deciding on what minimum billing increment your firm should use can have a big impact on efficiencies. There’s no one right answer, but they each come with benefits and drawbacks[1]. When billing, lawyers will typically choose one of the following increments to track their time. If tasks take less time than a given increment, the […]

Billing is an essential task for law firms, but doing it can take up valuable time. Studies show lawyers can spend up to an hour a day processing client payments and preparing and sending invoices[1]. To maximize billable hours, it can make sense to outsource legal billing. However, for some firms it may make sense […]

When accepting credit card payments from clients, fees should be paid out of the firm’s operating account and never from the client trust account or taken out of funds being deposited into a trust account. Traditional merchants pull the processing fees from the account the funds were deposited to. If your firm will be accepting […]

In order to strike a balance between maximizing profits and keeping clients from feeling overcharged, firms must decide what charges are passed along to clients. Transaction fees  Whether or not attorneys are allowed to pass on credit card transactions fees varies by state[1] For example, Mississippi and Florida prohibit lawyers from charging a convenience fee […]

Law firms track accounts receivable (A/R), the amounts that clients owe a law firm for services rendered, by generating an invoice showing the amount due during a given time period. When a law firm, however, agrees to accept a contingent fee as compensation for services rendered, the client doesn’t owe anything to the firm until […]

Law firms track accounts receivable (A/R), the amounts that clients owe a law firm for services rendered, by generating an invoice showing the amount due during a given time period. When a law firm agrees to accept a flat fee for services to be provided, however, the client either pays the fee immediately, or the […]

Whether you bill by a flat fee rate or the hour, all lawyers should be tracking their time. From figuring out client invoice amounts to determining productivity and pricing, time tracking is essential. To do it properly there are a few different methods firms can choose from, but it’s best to pick one of them […]

Proper invoicing is the key to ensuring uncontested bills and prompt payments. You want to make it clear the value that’s provided while leaving no question as to how and when to make a payment[1]. Consistency is key, sticking with a standard layout used each time you send an invoice. Invoices should be viewed as […]