Financially Legal

Emery Wager

Emery Wager
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Dan Talks Law Firm Finances, Company Culture and More with Mark Homer of GNGF

Posted by Emery Wager on June 27, 2020

Dan Lear was recently interviewed by Mark Homer of legal marketing firm GNGF. Dan and Mark dove into many different topics including: 

  • Company culture
  • A $70,000 minimum wage
  • The Gravity Legal platform
  • Law firm finance
  • Alternative fee structures
  • Expectations of the modern consumer of legal services
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Topics: Firm Financials, Key Performance Metrics, IOLTA, Accounting, Business and Culture

Gravity Legal's Dan Lear and Emery Wager Featured on Martindale-Avvo's Legal Tech Event

Posted by Emery Wager on June 26, 2020

This week Dan Lear and Emery Wager joined Erin Levine of Hello Divorce and Liam Moriarty of Lawgood to talk the future Legal Tech. 

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Topics: Firm Financials, Key Performance Metrics, Business and Culture

Simple Strategies To Cashflow Success For Your Law Firm (even during COVID)

Posted by Emery Wager on May 30, 2020

Written By Devon Thurtle Anderson, CEO of Financial Consulting Firm, Skepsis

When I first left my law practice to become a law firm bookkeeper and financial strategist, I was shocked to discover how many law firms struggle with cashflow.  Even more surprising was that this struggle isn’t just limited to a few seemingly rag-tag solo general practice firms.  To the contrary, when I had a chance to look under the hood at dozens of law firms’ books and financial records – including law firms I had always seen as hugely successful – I learned that almost every law firm has a cashflow problem within any given 12-month period.  So, as part of my bookkeeping and consulting services, I set out to change that.

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Topics: Firm Financials, Credit Card Fees, Key Performance Metrics, IOLTA, Accounting, Invoices

The Most Important Things Lawyers Can Do in the Wake of COVID-19

Posted by Emery Wager on May 15, 2020

By Dan Price

This article was originally published on the Attorney Action Club

The COVID-19 pandemic has exacerbated the already terrible inequality we have in the United States. Prior to the outbreak, income inequality was the highest it had been in fifty years. Now, with more than 30 million people unemployed, it’s likely to get even higher for the foreseeable future.

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Topics: Business and Culture

Two Ways Law Firms Can Reduce the Cost of Accepting Credit Cards

Posted by Emery Wager on May 15, 2020

Credit cards are a great way to get paid more quickly. The Clio trends report shows that firms who accept credit cards get paid 39% faster than those that don't. 

But credit cards are expensive. For invoice or trust payments where the client enters the card, rather than swiping or dipping, the cost generally hovers around 3%. Furthermore, credit cards are not the only way to provide a high-quality online payment experience.  

Shopping around for better rates can save you a few tenths of a percent, but here are two changes you can make to drastically reduce card fees while still getting the benefit of speedy payments. 

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Topics: Firm Financials, Credit Card Fees

4 Steps to Effective A/R Management

Posted by Emery Wager on May 2, 2020

Managing accounts receivable is important when times are good. But when times are tough, how effectively firms turn accounts receivable into cash can be the difference between going under and thriving.

Expert law firm financial consultant, Chelsea Williams of Core Solutions Group has an excellent video outlining four tips for effective accounts receivable management. Below is a summary, but we highly recommend checking out the video.

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Topics: Firm Financials, Key Performance Metrics

Gravity Legal's Dan Lear Featured on the Clio Daily Matters Podcast

Posted by Emery Wager on April 1, 2020

In this episode of Clio Matters, Dan discusses different ways firms are navigating the new remote work environment. He lists helpful technology resources and tells us whose ideas he's leaning on amidst the chaos (Nate Silver and RJon Robins of How to Manage a Small Law Firm to name a few).  

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Topics: Firm Financials, Credit Card Fees, Key Performance Metrics, IOLTA

State Rules on Charging Clients a Fee for Paying With Credit Cards

Posted by Emery Wager on March 19, 2020

There are three sets of rules lawyers need to navigate  when deciding whether to charge clients a fee for paying with a credit card:

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Topics: Firm Financials, Credit Card Fees

Covid 19 Financial Resources for Firms and Their Clients

Posted by Emery Wager on March 19, 2020

Whether your firm is in need of financial assistance or you are working to advise clients through these difficult times, we've compiled a list of local, state and national Covid 19 financial relief programs. 

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Topics: Firm Financials

Oklahoma is Latest State Looking to Allow Credit Card Surcharges

Posted by Emery Wager on February 13, 2020

Oklahoma Attorney General, Mike Hunter, in a recent opinion said a state ban on surcharging is most-likely unconstitutional. Surcharging is the practice of charging an additional fee when clients pay by credit card.

Clients should know what it costs law firms to accept credit cards, and those clients should have the option to save money by paying with less expensive methods. Since card brand surcharging rules prevent firms from charging more for the surcharge than the amount of the transaction, it ends up not being a money-making scheme but a clear way to communicate how much those airline miles really cost.

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Topics: Firm Financials, Credit Card Fees

The Real Cost of Accounts Receivable

Posted by Emery Wager on February 3, 2020

Getting clients to pay isn’t easy. As more invoices remain outstanding, accounts receivable creeps upward. As an attorney responsible for the firm's financial success, it's important to understand the real cost of accounts receivable. Here's a simple way to estimate those costs.

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Topics: Firm Financials

Decoding the Finance of Law

Financially Legal is a twice-monthly podcast on the finance and economics of entrepreneurial law firms and lawyering. Host, Dan Lear, talks with law firm leaders, academics, business professionals (both in and outside of law) and thought leaders to provide compelling and provocative content at the intersection of finance, economics, and law. 

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