Financially Legal is a twice-monthly podcast with accompanying articles on the financial aspects of the business of law. Host, Dan Lear, talks with law firm leaders, academics, business professionals and thought leaders to provide compelling and provocative insights at the intersection of finance, economics, and law.

Episode 49: Legal Case Management Series - An Interview with Harsimran Singh of Lawcus

Posted by Dan Lear on August 23, 2023

In this special series focused on legal case management software, host Dan Lear explores various case management companies to help firms make informed decisions. In this episode, Dan speaks with Harsimran Singh, Founder and CEO of Lawcus. Lawcus offers a comprehensive solution, combining legal practice management, client relationship management (CRM), client intake, and no-code automation, all unified in a single platform.

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Topics: Financially Legal Episodes, Business of Law


Episode 48: Legal Case Management Series - An Interview with Dov Slansky of Litify

Posted by Dan Lear on August 9, 2023

In this special series focused on legal case management software, host Dan Lear explores various case management companies to help firms make informed decisions. In this episode, Dan speaks with Dov Slansky, Vice President of Strategy and Innovation at Litify, a legal operating solution that helps law firms, in-house legal departments, and government agencies run smarter.

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Topics: Financially Legal Episodes, Business of Law


Episode 47: Legal Case Management Series - An Interview with Dragana Milovanovic of Matter365

Posted by Dan Lear on July 20, 2023

In this special series focused on legal case management software, host Dan Lear explores various case management companies to help firms make informed decisions. In this episode, Dan speaks with Dragana Milovanovic from Matter365, a user friendly cloud solution that fully integrates all data from Microsoft Office 365 applications into a matter-centric environment. With powerful add on features and Microsoft 365 applications, Matter365 is one of the most comprehensive solutions on the market today.

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Topics: Financially Legal Episodes, Business of Law


Episode 46: Legal Case Management Series - An Interview with Jonathon Fishman, CEO of LeanLaw

Posted by Dan Lear on July 5, 2023

In this special series focused on legal case management software, host Dan Lear explores various case management companies to help firms make informed decisions. In this episode, Jonathon Fishman, CEO of LeanLaw, shares insights about their financial operating system designed for small to medium-sized law firms.

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Topics: Financially Legal Episodes, Business of Law


Confido Legal Talks Accounts Receivable for Law Firms on CPA Academy

Posted by Emery Wager on June 20, 2023

Recently, Confido Legal teamed up with CPA Academy to host an informative webinar on optimizing accounts receivable and collections processes for law firms. This session provided practical strategies and tools to improve collection rates and streamline cash flow. With a focus on the Collections Optimizer, participants explored various billing models and table stakes items that contribute to enhanced collection rates. In this blog post, we'll delve into the highlights from the webinar and uncover the valuable insights shared.

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Topics: Business of Law, Confido Legal News


Confido Legal and QuickBooks Team Up to Streamline Payment Processing for Law Firms

Posted by Dan Lear on April 3, 2023

We are excited to announce that Confido Legal has teamed up with QuickBooks, the leading small business accounting platform, by formally joining the QuickBooks Solution Provider Program. In combination with Confido Legal’s QuickBooks integration - the only legal-specific payments integration in the QuickBooks store - Confido Legal and QuickBooks are truly better together.

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Topics: QuickBooks Integration, Business of Law, Integrations, Confido Legal News


Testing Out Confido Legal and ChatGPT

Posted by Emery Wager on March 24, 2023

Today we spent some time testing the new plugins feature for ChatGPT. Specifically, we took a look at the Zapier plugin, which allows you to connect thousands of apps and their Zapier Actions to ChatGPT. Of course, we used the Confido Legal Zapier Actions as our test case. 

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Topics: Business of Law, Confido Legal News


Introducing Confido Legal's "Fast Transfers"

Posted by Dan Lear on March 22, 2023

Confido Legal is thrilled to announce the launch of Confido Legal "Fast Transfers." Efficient payment processing is essential for modern law firms to maintain financial stability and to continue providing exceptional services to their clients. That's why we've designed Fast Transfers to streamline your payment process and get your money quicker.

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Topics: Business of Law, Confido Legal News


ABA Techshow 2023 Highlights

Posted by Amos Chapman on March 8, 2023

The 2023 American Bar Association TechShow in Chicago was an exciting event for the Confido Legal team. We were thrilled to attend in person to announce our integration with Fidu Legal, during the event. This powerful integration allows law firms to, among other things, embed subscription payment forms directly into their client intake process, providing a seamless payment experience for their clients.  

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Topics: Subscriptions, Integrations, Fidu


Embedded Subscription Payments Live in Fidu

Posted by Dan Lear on March 1, 2023

As we continuously expand the value and power of Fidu, we are thrilled to announce a strategic partnership with Confido Legal, an innovative payment processing and money management solution for law firms. This partnership was unveiled at the American Bar Association Technology Show held in Chicago.

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Topics: Business of Law, Integrations


Announcing the Confido Legal Litify Integration

Posted by Emery Wager on January 30, 2023

For law firms looking to automate firm-specific processes, customize workflows and provide a highly tailored client experience, Litify is the platform. Built on Salesforce, Litify combines the flexibility of the cloud’s most powerful CRM with a dynamic, legal-specific toolbox to transform your firm into an efficient, collaborative growth machine. 

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Topics: Confido Legal News


The Power of Measuring Your Law Firm’s Return on Investment (ROI)

Posted by Emery Wager on January 10, 2023
If you invest a dollar into your law firm, what do you expect to get back?

Why is the answer to this question so important? It helps you decide what initiatives to pursue and what initiatives to cut. It also tells you whether you are building the right financial opportunity for yourself and your partners. If you are only getting a dollar out for every dollar you put in, you’d be better off keeping that dollar. If this is the case, it’s time to rethink the firm’s strategy and take a closer look at the financial “leaks” in the business. 

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Topics: Business of Law


The Dangers of Accepting Wire Transfers at Your Law Firm

Posted by Emery Wager on January 4, 2023

Wire transfers are a common method of accepting payment for law firms, but they can be risky for both your firm and your clients. This article outlines the dangers and downsides associated with accepting wire transfers and best practices for avoiding these traps. 

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Topics: Business of Law


Should a Law Firm Hire a Collections Agency?

Posted by Emery Wager on December 14, 2022

The two most controversial topics for law firms related to client payments and collections are:

  1. Should law firms charge credit card fees to clients?
  2. Should law firms hire a collections agency to recoup long outstanding accounts receivable?

We have published substantial information to help you make a decision on on whether to charge card fees to clients but very little on navigating the collections agency conundrum.

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Topics: Business of Law


The Law Firm Third-Party Client Finance Decoder

Posted by Emery Wager on December 5, 2022

We at Confido Legal strongly believe that firms and clients benefit most when firms offer clients a variety of options to pay. Firms invest significant dollars to get clients in the door. It’s a waste of those resources to have a would-be paying client walk out the door simply because the firm doesn’t offer payment plans (i.e. doesn’t want to be the client’s bank), the client doesn’t have a credit card, or because the firm won’t offer third-party funding.

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Topics: Business of Law


Buy Now, Pay Later for Legal: What, Why, and How

Posted by Dan Lear on December 2, 2022

Over the last few years there’s been an explosion of third-party commercial financing options. Familiarly known as “Buy Now, Pay Later” and offered by companies like Klarna, Affirm, and Sunbit, these services provide short-term loans to consumers to purchase everything from furniture to event tickets.

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Topics: Business of Law, Clients


Database of Collections Agencies for Law Firms

Posted by Emery Wager on November 2, 2022

The decision to hire a collections agency is a difficult one, and although most law firms are collections curious, the majority of firms we talk to have not hired one. That said, the feedback from law firms who have hired an agency is pretty darn positive. 

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Topics: Business of Law


Episode 45. What does it take to get a collections rate of 95% and how does that intersect with diversity, transparency, and compensation? An interview with Jim Meadows from Culhane Meadows

Posted by Dan Lear on September 7, 2022

How, if at all, do compensation, diversity, and transparency overlap? How can these competing priorities be reconciled? Jim Meadows from Culhane Meadows doesn’t have the perfect answer. But he’s giving it a solid try.

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Topics: Financially Legal Episodes, Business of Law


Episode 44. How do creativity and analytics blend to grow a contingency law firm? An interview with Lynn Bradley from The Potts Law Firm

Posted by Dan Lear on August 24, 2022

Plaintiffs' lawyers are often bold, brash, larger-than-life characters with billboards, regular TV ads, and ambition to match.

But they're also visionary creatives. They excel at building something from nothing and carving out a new and unique path for legal professionals - often where no path existed before. But that creativity needs to be leavened with stability and more strategic thinking. 

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Topics: Financially Legal Episodes, Business of Law


The State-by-State Guide to Client Financing

Posted by Dan Lear on August 22, 2022

Financing legal fees is not new. Bar associations have been grappling with the rules around   lawyers accepting a simple financing tool - credit cards - since the 1970's. Given that cards haven't been around for that long - and that some states are still grappling with how lawyers can use them* - what happens most often when clients need to finance their legal bill is that lawyers or law firms themselves become the bank. They offer installment payments or financed offerings to their clients in order to enable the clients to pay the firms' legal bills.

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Topics: Stored Payment Methods


Join Legendary 'No B.S.' Business Leader Dan Kennedy for an Exclusive Interview

Posted by Dan Lear on August 18, 2022

If you don't know who Dan Kennedy is, you should. Here's just a quick recap of the impact he's had on the business world in his 30+ year career:

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Topics: Business of Law


Episode 43. How does your firm limit write downs and write offs? An interview with Kevin Krese from Buckingham, Doolittle & Burroughs

Posted by Dan Lear on August 17, 2022

Two episodes into our four-episode series with law firm CFOs one theme that's emerged is collections. Specifically, how much money lawyers and law firms leave on the table by failing to implement processes that ensure that the firm gets paid for the work it bills out.

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Topics: Financially Legal Episodes, Business and Culture


Episode 42. What’s your firm’s “collections calendar?” An interview with Scott Shaffer from Winterfeldt IP Group

Posted by Dan Lear on August 10, 2022

One thing every law firm needs is money. And I don’t think that I’m going out on a limb suggesting that money and financial health are common elements across most successful firms. In this episode, the first of our series of interviews with law firm CFOs, we speak with Scott Shaffer of Winterfeld IP Group. We dig in with Scott on law firm collection rates, collection strategies, whether firms should refer clients to collections agencies, the firm’s tech stack and how it helps facilitate the firm getting paid, Scott's “most important financial metric,” and a bunch more.

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Topics: Financially Legal Episodes, Business and Culture


How Immigration Law Firms Automate Payment Plans with QuickBooks

Posted by Emery Wager on August 2, 2022

Immigration law firms have unique billing practices. Most immigration firms we encounter either predominantly or exclusively put clients on payments plans. These plans involve the client entering their payment information so they can be automatically billed on a regular schedule until a specified dollar amount is reached.

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Topics: Business of Law


Compliant Surcharging: Credit? Yes. Debit? Not so fast.

Posted by Dan Lear on July 13, 2022

One of our most popular features at Confido Legal is our compliant surcharging, enabling firms to shift credit card processing fees to their clients. When we talk with firms, many are surprised to learn that it's against federal law for small businesses, including law firms, to shift processing fees on debit cards. A smaller group is not just surprised but a bit concerned because they've been shifting card fees on debit cards unknowingly.

In this blog post, we break down the reasons why surcharging on debit card transactions is impermissible and the implications of these restrictions for law firms.

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Topics: Surcharging, Business of Law


The State-by-State Guide to Auto-Billing Stored Payment Methods

Posted by Dan Lear on June 29, 2022

Amazon stores your credit card. Uber or Lyft might have it too. Do you use Netflix, Disney Plus, or other platforms to regularly consume goods and services? 

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Topics: Stored Payment Methods


The Legal Ethics of Trust-less Retainers

Posted by Dan Lear on May 12, 2022

One of our most popular blog posts is a post about how lawyers can realize the benefits of a retainer without a trust account.  By storing a client payment method and subsequently charging the payment method in accordance with the attorney/client engagement agreement, firms can get the benefits of having access to funds on hand without the burden of trust account compliance.

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Topics: Business of Law, Payments


The Collections Optimizer

Posted by Emery Wager on May 11, 2022
Collection rates for law firms on average hover around 80%. Said another way, a firm with $1M in annual billings on average leaves $200K on the table each year. That's $200K of work that has already been completed and billed!
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Topics: Business of Law


Trust Accounting in Confido Legal

Posted by Emery Wager on May 4, 2022

Do you have practice management or accounting software that does your trust accounting? Great. This post is NOT for you.

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Topics: Business of Law


Do You Write Checks...to Yourself?

Posted by Emery Wager on April 30, 2022

Let's face it. Most bankers have no idea what an IOLTA account is. These types of accounts are an afterthought - one of those banking products that gets little attention. We hear horror stories of banks regularly debiting fees from IOLTA accounts or sending erroneous overdraft notifications to the Bar. We recently spoke to a firm that had to call their bank to speak with a real live human being every time they wanted to check their IOLTA balance. 

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Topics: Business of Law


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