Episode 7

Published on:

31st Aug 2022

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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About the Podcast

Your Practice Mastered
Are you ready to take your law firm to the next level?
Tune into The Your Practice Mastered Podcast where we talk about specific problems for law firm owners as they grow their firms. A show that will allow you to learn how to build a law firm that supports a lifestyle that gives you personal and financial freedom. New Episode every Thursday 8PM EST.