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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