LawPay: Focused On Providing Payment Solutions for the Legal Industry
There has been a drastic shift over the last five years from paper check payments to credit and debit cards. It is estimated that by 2017, only 15% of payments will still be handled by traditional checks. For law firms, this shift has created an opportunity to improve the way they handle billing and collections.
LawPay offers a complete payment solution designed for attorneys. With LawPay, payments are handled correctly by separating earned and unearned fees at the time of payment. Transactions processed for unearned fees are directed to the firm trust account, while transactions for earned fees deposit to the firm operating account. In addition, all transactions are processed through LawPay’s secure online portal. The encryption and security of LawPay helps reduce the liability and risk to the law firm. LawPay also provides clients with a secure, hosted payment page, customized for their firm.
LawPay understands the legal industry. Beyond processing payments, LawPay works with law firms to update client agreements, engagement letters, and card authorization forms. Having the correct documentation further protects the law firm against potential charge disputes. LawPay also works hard to educate and keep law firms compliant through their CLE, webinar, and other payment best practice materials.
As a result, LawPay is the only payment provider vetted, approved, and endorsed by 40 state bars, and has been selected to be part of the ABA’s Advantage program.
“Technology has become a critical component to running a law practice. LawPay is a piece of that puzzle. Our job is to continue to build better technology and tools to help attorneys get paid,” says Amy Porter, CEO.
LawPay’s business model tries to identify well-known lawyers in each community who are beyond reproach in terms of ethics and reputation.
“When these lawyers see and experience the advantages of LawPay, they regularly have agreed to take calls from other lawyers who may be interested. Not as paid consultants, but simply as satisfied users of the service we provide,” says Amy Porter.
Elaborating on a case study to highlight the benefits brought to one of its clients, Amy says, “LawPay recently worked with a long-time practicing solo attorney, Claude Ducloux to help update his billing process. Without fail, Mr. Ducloux religiously sends out his invoices on the last day of the month.”
As an experiment with “email billing,” he decided to simply send a LawPay payment link to collect payments from clients who desired to have their monthly bill sent via email – a growing number and now roughly 1/3 of his clientele.
Mr. Ducloux created brief email “stationary” which he put in the email itself, explaining what LawPay was to his clients and how it works. Within the first hour of sending those bills, Mr. Ducloux called LawPay, incredulously, and reported that he had been paid over $3,000 in various client billings. He collected in just one hour what would normally have taken over a week!
LawPay is focused on providing payment solutions for the legal industry. They continue to work closely with bar association partners and clients to stay on top of changes in how payments are made. They are also excited about their new technology and legal practice management partners. Together with their partners, LawPay believe that they can significantly improve the workflow and payment process for the entire legal community.