Financially Legal

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.

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.

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.

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.

Recently, Gravity 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.

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

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 Gravity Legal Zapier Actions as our test case. 

Gravity Legal is thrilled to announce the launch of Gravity 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.

As we continuously expand the value and power of Fidu, we are thrilled to announce a strategic partnership with Gravity 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.

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. 

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. 

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.

We at Gravity 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.

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.

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. 

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.

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. 

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:

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.

One of our most popular features at Gravity 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.

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.

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

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. 

We believe lawyers and law firms have the power to change the world. Every day we interact with lawyers making positive change, sticking up for the underdog and expanding access to the justice system. But we recognize there can be tradeoffs between pursuing these aims and paying the bills.