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Stop Giving Money Away! Improve Your Law Firm's Financial Health with Modern Tech and Business Practices
Episode 731st August 2022 • Entrepreneurial Attorney Nation • Richard James
00:00:00 01:00:42

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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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