Jun 14, 2022
Dan heads up marketing and
partnerships at Gravity Legal. He is also the host of the
“Financially Legal Podcast”. Dan sees the problem that
entrepreneurial law firms have and decided that he would launch his
own podcast to help them understand how to accept and manage money.
Dan joins host Molly McGrath to share his tips on how to run an
entrepreneurial law firm.
- You shouldn’t have to go to your practice
management system to manage your clients and practice and then have
a separate one for payment. You want to get paid in as few systems
- There’s technology out there that allows you to
transfer money from your operating account to another account
without having to write a papercheck.
- Writing out a papercheck and going to the bank
to make a deposit is a waste of energy and time for
- There is a pushback on the cost of payment
processing because it takes up to 3% of revenue, but attorneys
often fail to collect on 20 - 40% of what they bill
- Consumers are increasingly used to using apps
and not using cards or checks to pay, so you need to be able to
take all forms of payment.
- It’s harder to scale your company if you are
having a person send out invoices rather than having a link to the
invoice so someone can pay online.
- To reduce barriers and make it easier for
clients, try to have their payment information mesmerized in a
system so they don’t have to type out the card information all the
Quote of the
10:27 “At a high level firm, one
of the pieces of pushback that I often get is the cost of payment
processing. I get that 3% of revenue feels like a lot, but what's
crazy is lawyers often fail to collect anywhere from 20 to 40 to
50% of what they bill out. So they're super worried about that 3%,
but more than happy to let half of their revenue walk out the
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