Stop Giving Money Away! Improve Your Law Firm's Financial Health with Modern Tech and Business Practices
In the latest installment of Entrepreneurial Attorney Nation, Richard James is joined by Dan Lear, lawyer and legal technology industry innovator. He is a co-founder and head of marketing and partnerships at Gravity Legal. Together, they reveal how your firm can capture a bunch more money by simply implementing some modern, yet basic, technology and business practices.
Time Codes:
0:00 - Introduction from Richard James
03:10 - Dan Lear introduces himself
06:12 - Know your lifetime client value
07:20 - The importance of profitability of the very first transaction
08:16 - Legal Payments Evolution
10:26 - 3 Modern Tech/Business Practices to Improve Your Firm's Financial Health
11:35 - Keeping Payment Methods on File
14:14 - The two states with specific rules on payments
21:49 - Get the 50 state guide on storing payment methods
24:01 - Shifting Processing Fees
24:33 - Applicable Rules
24:36 - 3 Things You Can Always Do
26:04 - Applicable Rule #1: Payments Class Action
27:06 - Applicable Rule #2: State Laws
27:19 - Applicable Rule #3: RPCs
28:28 - Applicable Rule #4: Card Brand Rules
29:17 - Final Thoughts on Shifting Fees
35:24 - Is there an option to switch from credit card to ACH?
37:45 - Optimizing Collections
37:59 - 3 Key Collections Strategies
38:38 - Implement a "Collect Early" Billing Model (Subscription Legal Services)
39:36 - Gravity Legal Subscription Legal Services Resources
41:47 - Integration of Gravity Legal and other products
49:45 - The importance of knowing your current and future cash flow
52:28 - Offer Payment Flexibility (Client Financing)
55:37 - Access information to Guides and Resources
57:45 - Contact information for Dan Lear and Gravity Legal
58:48 - Episode conclusion
1:00:41 - Episode ends
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