Pay Day: Internal Payment Processing Improves Law Firm Cashflow
The problem with most law firm payment processing option s in traditional hourly billing models is twofold: first, law firms are always billing in arrears, so that the work that for which they’re asking to be paid for has already been done – not the strongest bargaining posture, honestly; second, the reliance is on the client to make payment . . . whenever they get around to it. And, who knows when that might be – lawyers aren’t exactly on top of the payment food chain, when it comes to household bills . Of course, the drawback is that your cashflow can get pretty spotty, in that environment. And, hey – you’ve got bills to pay, too. Even in an environment where you’re billing your clients hourly – and asking them to pay you when you’re done – you can seek improved cashflow . The way to manage that is by removing the payment request part of the collectio...
