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 James03:10 - Dan Lear introduces himself06:12 - Know your lifetime client value07:20 - The importance of profitability of the very first transaction08:16 - Legal Payments Evolution10:26 - 3 Modern Tech/Business Practices to Improve Your Firm's Financial Health11:35 - Keeping Payment Methods on File14:14 - The two states with specific rules on payments21:49 - Get the 50 state guide on storing payment methods24:01 - Shifting Processing Fees24:33 - Applicable Rules24:36 - 3 Things You Can Always Do26:04 - Applicable Rule #1: Payments Class Action27:06 - Applicable Rule #2: State Laws27:19 - Applicable Rule #3: RPCs28:28 - Applicable Rule #4: Card Brand Rules29:17 - Final Thoughts on Shifting Fees35:24 - Is there an option to switch from credit card to ACH?37:45 - Optimizing Collections37:59 - 3 Key Collections Strategies38:38 - Implement a "Collect Early" Billing Model (Subscription Legal Services)39:36 - Gravity Legal Subscription Legal Services Resources41:47 - Integration of Gravity Legal and other products49:45 - The importance of knowing your current and future cash flow52:28 - Offer Payment Flexibility (Client Financing) 55:37 - Access information to Guides and Resources57:45 - Contact information for Dan Lear and Gravity Legal58:48 - Episode conclusion1:00:41 - Episode endsConnect with Richard James:The Success NetworkFacebookYouTubeWebsite

Episode metadata supplied by the publisher feed · Published Aug 31, 2022

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Stop Giving Money Away! Improve Your Law Firm's Financial Health with Modern Tech and Business Practices

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