Huddle Up! Financial Trends for Successful Firms
Jordan Turk, Legal Content and Compliance Manager, with LawPay and Melissa Chambers, Vice President of Enterprise Solutions, with LawPay joined SFP network this week to discuss the state of legal finance.
What We Learned from Our Coaches:
Make Getting Paid Easier
Electronic payments are an asset to your firm. According to the Legal Trends Report, 2020, firms using electronic payments collected over $15,000 more per lawyer per year.
Today, Your Clients Want Online Payment Options
79% of people now prefer to pay with a credit or debit card
40% of clients surveyed would NEVER hire a lawyer who didn't take credit or debit cards
85% of electronic payments get paid within the same week they are billed
70% say having multiple ways to pay a bill increases their satisfaction
Attorney Accountability as a Metric
Law firms are devoting a considerable amount of time to billing and collections but are still struggling with late and non-payments. Obstructions to a law firm's cash flow can cause a ripple effect that ultimately impacts client acquisition and retention. During the huddle, over half of those polled say more than 20% of billable attorney time is lost annually due to poor data entry. If your firm is struggling with data entry on billable hours, try incentivizing attorneys to send in their hours on time, like offering a gift card to Starbucks or additional PTO.
Ensure your firm has an active strategy to address vulnerabilities in your cyber security and follow PCI compliance. This starts with storing your credit card information securely.
What our Attendees Shared:
- Cash flow remains a firm priority
- Timekeeping responsibilities are being pushed towards attorneys
- Always have something in your fee agreement about rate increases
One Thing your Firm can Begin with Today:
Evaluate your vulnerabilities in cyber security and see if there is room for improvement. Best practices to store your credit card information securely and do not store this information if you don't have to.
Legal Content and Compliance Manager, LawPay
Jordan Turk is a practicing attorney in Texas, and is also the Legal Content and Compliance Manager at LawPay. She earned a B.A. in Classics, History, and Religious Studies from the University of Texas, and went on to earn her law degree from the University of Arkansas School of Law. Prior to LawPay, Jordan worked with a high-asset family law firm in Houston, Texas.
VP of Enterprise Solutions, LawPay
Melissa Chambers is Vice President of Enterprise Solutions at LawPay, an electronic payment platform developed specifically for the legal industry.
Melissa joined the LawPay team in 2009, bringing more than a decade of experience to the organization. After graduating from the University of Mississippi with a degree in Accounting, Melissa took a job in public accounting—an industry she worked in for a year before making a career change and moving into commercial real estate.
For the next eight years, Melissa worked at Equitable Real Estate, during which time she was promoted to Vice President. During her tenure at Equitable, she primarily managed large REITS and 501(c) (2) corporations.
After eight years, Melissa left Equitable Real Estate to focus on raising her three children. While doing so, she started her own financial consulting company for small businesses. She ran this business for three years before deciding to focus her time exclusively on her family. In 2009, Melissa joined the team at LawPay and, since then, has been helping clients and potential clients see how LawPay can help legal professionals manage payments and grow revenue in their firms. Additionally, in 2019, she was appointed as a member of the PDAC committee for the Association of Legal Administrators.