Financially Legal

On Monday August 23rd Confido Legal will give a presentation on subscription legal services as a part of their broader half-day program: "Making your Legal Practice More Efficient in 2021: Outsourcing, legal subscriptions, modern project management, and the Agile Methodology"

Small law firms live or die by cash flow. A few extra percentage points on revenue can help a firm make payroll or pay rent (hopefully not, but “gulp!”), buy software, hire, experiment with a new practice area, or even innovate on a new product or service. But extra revenue rarely comes easy. What if you had a way—using existing systems—to immediately find additional revenue for your law firm?

Though lawyers are a solitary profession - they spend a surprising amount of time in their own heads - they’re also remarkably social. We made a cursory count recently and came up with 103 state, regional, local, and specialty bar associations. And we feel fairly confident that the total number is certainly double or even triple that. Feels like as long as there have been lawyers, there have been bar associations.

Confido Legal's Dan Lear joined Jordan Ostroff from LegalEase Marketing on FaceBook live to discuss how law firms can improve money management and accelerate growth. You can catch the recording here.

Although electronic payments are not relevant for every firm, most law firms do at least a portion of their business by issuing ongoing invoices. For these firms, the data is clear: Electronic payments matter.

Here's our nearly 20 page white paper on law firms shifting processing credit card processing fees to clients.

Every year, to much fanfare, The American Lawyer releases a list of the largest law firms in the world, also known as the AmLaw 100. 

I recently joined another attorney Dan, Dan Jaffe, from LawLytics for a great conversation that, yes, touched on Confido Legal and on Dan's business, LawLytics, but was mostly focused on a favorite topic of mine, legal technology. On the Confido Legal side we covered Confido Legal's credit card fee shifting technology and integrated ACH features, the Confido Legal Zapier integration, and the forthcoming Confido Legal Quickbooks integration. 

One of my lawyer mentors once told me “if you don’t like to sell, don’t be a CEO.” Many solo lawyers set out to make a difference or have an impact - not to be a CEO. But whether you want to call them CEOs or managing partners, or partners, or business owners - the fact remains that they are heads of their respective businesses - effectively, they are “CEOs.” And if you want to be a CEO, you need to get comfortable with selling.

What started as conversations between two friends - actually a law professor and his student - evolved into a movement. Maximum Lawyer boasts a 5000 member Facebook group, over 200 hours of podcast content, two sold-out conferences, a paid community, and a course to help lawyers and firms grow. Oh, and did I mention that the prof and his former student both have successful law firms in their own right? Jim Hacking, the law professor, and Tyson Mutrux, the former student, are the leaders of Maximum Lawyer. Listen on to hear how they're helping lawyers to build strong, resilient practices.

The founder of the Lawyerist website, Sam Glover, once told me that he started Lawyerist because he was mad at a practice management company and wanted a place to complain. He gave birth to a technology blog that’s morphed into a large and well-known online legal destination. But Lawyerist is way more than a website. Through freely available web content, its free-to-join Insider program, and the paid Lawyerist community, Lawyerist Lab, Lawyerist provides ongoing strategic and tactical advice to budding lawyer-entrepreneurs.

In this installment in our Lawyer Communities series (see a summary of the series and our broad takeaways here) we dig in to understand how all the pieces of the Lawyerist puzzle fit together and whether it’s a community you might want to be a part of.

I’ve been working in legal technology for a while. I’ve been thinking about it for even longer than that. And I worked at Microsoft before that. And, if there’s one thing that I know about lawyers - even today - it’s that Lawyers. Love. Microsoft Office. Practice management systems come and go, accounting software ebbs and flows, some lawyers try document automation. But just about every lawyer and law firm uses Office.

Subscriptions were the name of the game when Dan Lear recently chatted with Houston Estate Planning attorney John Strohmeyer, the namesake of Strohmeyer Law, on John's podcast, Five Star Counsel.

If you’ve been even mildly paying attention over the last, well, year but even the last few years, you’ve watched as social media has become a challenging environment to navigate. And this comes from someone who is very bullish on technology in general and even social media in specific.

Here on Financially Legal we recently wrote about the three main ways payment processors rip lawyers off: tiered pricing, monthly fees, and limiting available payment methods. You can read that article for the higher-level discussion but, as we mentioned, tiered pricing deserves its own discussion. We dig in on that here.

We legal folks are hardly unbiased about the good that we think we do in the world but there’s little doubt that lawyers really do play an important role in our society. In fact, one of the interpretations of the famous line from Shakespeare’s Henry VI “The first thing we do, let's kill all the lawyers” is that killing all the lawyers is the fastest way to societal chaos, not societal improvement. Lawyers are the bulwark against tyranny and government overreach and the defenders of the rule of law.

Here on Financially Legal we often focus on the nuts and bolts of finance and economics but, often, the biggest obstacles to economic and business success are not financial or even business-related but mental.

In this episode, we dive in on mindset - and we’re doing it with someone who thinks about this deeply - Allison Williams is a Business Coach for Solo Law Firm Owners at Law Firm Mentor. She’s also the CEO and Founder of a multimillion-dollar law firm, the Williams Law Group.

What if I told you there was a tool that could automatically increase your firm revenue by 1%? What about 2%? What about 3%? What about even half a percent? (if you’re not great at doing math on the fly, for a firm that grosses $1,000,000/year, one half a percent is $5000).

Accepting electronic payment is table stakes for most lawyers and law firms.

The Clio Trends Report has been fairly explicit about the benefits of electronic payments:

• The 2019 Clio Trends Report stated that 57 percent of electronic payments get paid the same day they are billed, and 85 percent get paid within a week.
• The 2018 Clio Trends Report found that 38 percent of consumers prefer to make payments electronically via email, online portal, or on the web.
• Finally, that same 2018 report indicated that 50 percent of consumers are more likely to hire a lawyer who takes electronic payments, or, stated another way, 40 percent would never hire a lawyer who doesn’t take credit or debit cards.

There’s a lot to think about if your firm is considering shifting credit card fees to clients - is this practice right for our firm? How should we communicate about it to clients? Is it permissible in our state? Do our local rules of professional conduct permit it? What method should our firm use?
The good news is that it’s not that complicated. You’ll likely be good to go if you adhere to some simple best practices. Below we’ve compiled a list of best practices for two of the most common ways that merchants implement shifting credit card fees: cash discounting and surcharging. We’ll start with discounting:

Although you've probably been charged a separate fee to use a credit card with a given business you may not know that businesses haven't always been able to do this.

Allison Williams, the Law Firm Mentor, helps law firms grow and reach their full potential. Her podcast, Crushing Chaos, tackles all sorts of issues lawyers face while working to grow their firms. 

Even with the effects of COVID still lingering, we as attorneys have an opportunity to make 2021 our firms' best year yet. Join Confido Legal and law firm financial consultant Devon Thurtle Anderson of Skepsis Technologies as we explore the unique opportunities 2021 offers for law firms. We'll discuss how firms can seize these opportunities to realize both short and long-term growth. Spoiler alert: Our strategies don't require raising rates or working more hours! In fact, we specifically recommend against that.

Some of the topics we'll cover include:

There’s probably no principle more important to growing and scaling a law firm than delegation. Whether it’s identifying the tasks that need to be done, teaching and coaching others to do them, or simply letting go, you’ll be hard-pressed to grow your legal business if you can’t delegate. If you’ve ever wondered how delegation might work in your firm and how to get started, this episode is for you.

With our recently announced Zapier integration we at Confido Legal are excited about the power of automation - and especially automated payments - for lawyers and law firms. 

While Zapier is a technically a no-code development platform, defined in Wikipedia as a platform that "allows programmers and non-programmers to create application software through graphical user interfaces and configuration instead of traditional computer programming," it still has a modest complexity, especially for folks who have very little background in programming. 

If you’ve ever wondered how to tie together different systems in your law practice, you need to know about Zapier.

One of the most important things about law practice is getting paid. With the advent of electronic payments technology, the process of getting paid can be easier than ever. Some of you may be saying "Advent?!?!? PayPal is more than 20 years old!" But research suggests that fewer than 25% of lawyers actually use some kind of  electronic payments technology. The vast majority of lawyers are still getting paid by some combination of cash, checks, and wires. But I digress.

Zapier is really powerful. Some law firms struggle to get the most out of it not because they don't know how to use Zapier but because they don't know about everything it can do.