Financially Legal

When you start a law firm, one of the first and most important financial steps you will take is opening a trust account. In most states, that means setting up what is called an IOLTA account. It is a term many lawyers hear early in their careers but do not always fully understand.

Launching software from inside a law firm is a dream for many attorneys, but few ever make it a reality. In a recent episode of Financially Legal, host Emery Wager spoke with James Betzel, founder of Prima.law, about how he turned the daily frustrations of running an immigration practice into a modern cloud-based case management platform.

Law firms know that optimizing the payment collection process is one of the most critical drivers of profitability, yet too often payments are treated as an afterthought. Clarra’s new accounting and analytics suite, now live on its litigation-focused practice management platform, tackles this head-on by embedding Confido Legal’s payment technology directly into its financial workflows.

Updated September 2025. 

Managing client funds through trust or IOLTA accounts is one of the most critical responsibilities for law firms. Especially for contingency-fee firms, ensuring that disbursements are made accurately, ethically, and securely is essential to maintaining compliance with Bar Association rules and avoiding serious penalties.

Few topics spark as much debate in the legal industry as partner compensation. How firms compensate their partners influences not only individual incentives but also firm culture, collaboration, and ultimately, profitability.

In this episode of Financially Legal, Emery Wager sits down with Hugh Simons, former BCG consultant, law firm CEO, and prolific writer on law firm economics, to unpack the mechanics, challenges, and future of partner pay.

Rules of Professional Conduct, ethics rules, and general regulations don’t seem to be keeping pace with technology, and nowhere is this clearer than in how law firms handle client funds. In this episode of Financially Legal, Emery Wager and Jayne Reardon explore how firms can transition from paper checks to digital disbursements without crossing ethical lines (and while actually improving client service and firm efficiency).

Chargebacks are the credit card world’s version of a courtroom dispute, and for many law firms, they can be a frustrating and costly surprise. In this episode of Financially Legal, we break down the chargeback process, why it’s uniquely tricky for law firms, and what you can do to protect your revenue.

What do you do when you owe money to the most powerful collection agency in the world? In this episode of Financially Legal, I sat down with Stephen Weisberg, a tax attorney who helps people navigate IRS tax debt. We discussed what happens when lawyers, particularly partners in law firms, get behind on their taxes, why it’s more common than you might think, and what options exist to fix the situation.

How much time do you spend tracking your hours? What if you could increase your profitability, reduce stress, and provide better client service—all without billing another minute? The hourly billing model isn’t the only way to run a successful law firm. In this episode of Financially Legal, host Emery Wager sits down with Brita Long to explore the mindset shift required to transition to flat fee legal services.

How much time are you wasting on repetitive tasks? What if you could significantly cut those hours, increasing your firm’s profitability? AI isn’t just a buzzword now—it’s a tool transforming the economics of running a law firm.

What’s this going to cost?

The eternal question that every client wants to know before signing your engagement agreement. Now, imagine being able to give a clear, confident answer even in the most complex cases. Providing this level of financial predictability isn’t just a dream; it’s achievable. 

In this Financially Legal episode, host Emery Wager sits down with Lem Garcia, founder of Lem Garcia Law, to explore how he grew his firm from humble beginnings to serving over 1,000 clients with a 20-person team. Lem shares his journey starting with Craigslist furniture and a modest office space to becoming a blueprint for aspiring law firm owners.

The Problem: Poor Cash Flow and Unpaid Work

In this Financially Legal episode, host Emery Wager talks with Matt Darner, founder of Collbox, to uncover practical strategies for law firms to master cash flow and collections. With years of experience helping businesses recover millions in outstanding invoices, Matt offers a unique perspective on the intersection of accounts receivable management and legal practice operations.

In this Financially Legal episode, host Emery Wager interviews Evan Meyerson, Managing Director of Burford Capital, to explore the rapidly evolving world of legal finance. Evan brings a unique blend of legal and venture capital experience, which gives him insight into how litigation funding can transform legal claims into strategic assets for law firms and clients alike.

In this Financially Legal episode, host Emery Wager sits down with John Grant, founder of Agile Attorney Consulting, and Elise Buie, founder and managing attorney of Elise Buie Family Law, to discuss how law firms can successfully design and implement flat fee legal services. Both John and Elise bring a wealth of experience and unique perspectives to the table—John from his background in technology and Lean principles, and Elise from her journey of founding a family law firm focused on flexibility, collaboration, and client-centered services.

Is your LCM software holding you back? If core tasks like billing and document management are causing headaches, it might be time for a change. 

In our latest Legal Case Management Jam Session, Confido Legal's Emery Wager interviewed Casita Simpson, the founder and CEO of Simpson & Associates, a company specializing in CRM design and paralegal support.

Choosing the right case management system can be a game-changer for your law firm. Thoroughly evaluate the capabilities and limitations of your current case management system before deciding to switch to a new one. 

In this Financially Legal episode, host Emery Wager interviewed Gary Allen, who recently retired from a multi-decade legal career. Gary’s extensive experience includes building a million-dollar practice in environmental and land use law at Givens Pursley and co-founding LeanLaw to help other firms operationalize the best practices he learned the hard way.

In our latest Legal Case Management Jam Session, Confido Legal's Emery Wager interviewed Casita Simpson, the founder and CEO of Simpson & Associates, a company specializing in CRM design and paralegal support.

Operating a law firm involves navigating various challenges, especially as the firm grows and takes on more clients and cases. One of the primary challenges faced by law firms is the potential breakdown in operational efficiency. This breakdown can manifest in several ways such as missed deadlines, overlooked emails, and disorganized workflows.

Many firms rush to hire more people when things get busy. The big question is: Is your firm ready to handle this growth?

Handling chargebacks can be a daunting task for any business, but for law firms, the challenge is often compounded by the unique nature of their services and client relationships. At Confido Legal, we have developed a tailored approach to help law firms manage (and win) chargebacks.

In this special series focused on legal case management software, host Emery Wager explores various case management companies to help firms make informed decisions. In this episode, we welcomed Jared Correia to the first-ever live recording of Financially Legal. Jared, the CEO of Red Cave Consulting and the Cofounder of Gideon Software, shared his experience from helping thousands of law firms choose and successfully implement the right technology. 

This article covers the second step in our three-step Collections Optimizer process: Offer Payment Flexibility.

In this special series focused on legal case management software, host Emery Wager explores various case management companies to help firms make informed decisions. In this episode, we welcome Kim Bennett back to the Financially Legal Podcast. Kim, the Cofounder of Fidu, shares insights into the innovative subscription legal services management platform that is reshaping the relationship between lawyers and clients.

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 the latest episode, Dan interviews Dorothy Radke, Director of Strategy and Marketing at SimpleLaw, a cloud-based case management software designed to streamline the complexities of running a law firm. 

As the legal tech industry undergoes rapid transformation and modernization, software developers are constantly seeking methods to enhance their applications and boost efficiency. Integrating online payments into complex legal case management and billing systems has long been a significant challenge in the legal tech domain.

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, host Dan Lear discusses the world of QuickBooks, a cornerstone in both small business and small legal tech ecosystems. This episode features Matt Bright, a Senior Product Specialist at Intuit with 23 years of experience at the company. Together, they shed light on the various ways law firms leverage QuickBooks and how it can revolutionize their financial management.

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, we dive into the world of legal case management software with Clever Case, a tool designed by attorneys for attorneys. Host Dan Lear speaks with Brett Spooner, the CEO and founder of Gravis Law and the founder of Clever Case, to explore the features, target audience, and philosophy behind this innovative case management solution.

Introduction

Why do you have to submit so much information when applying for a payment processing account? There are two reasons:

1. The government enlists payment processors to help combat financial crimes. As a result, processors are required to take certain steps to verify the legitimacy of a firm.
   
   
2. When a firm accepts online payments, financial risk is created for both the firm and the payment processor. Processors ask for documentation on the firm to help prevent these losses. 

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.