A successful law firm requires more than legal prowess and exceptional trial skills. Attorneys must remember even though the top priority is client service, a law firm is also a business and must be run as such in order to survive. Even the most talented litigator cannot build and maintain a financially stable practice without adequate cash flow to handle everyday duties and expenses. The challenge of maintaining available capital is a serious impediment in today’s legal environment. Client nonpayment, combined with inadequate, incomplete and untimely billing practices creates a dangerous formula for law firm failure.
TimeSolv, together with legal credit card processing company LawPay, has created a client portal for billing that allows your firm to send itemized bills with one simple click of the mouse. With impressive ease, you and your clients can view a comprehensive and organized listing of:
- Invoices – Both paid and outstanding invoices are included in the portal. Clients can download and print these statements for their own records. This reduces valuable administrative time used to gather and send these documents when requested by clients.
- Payment histories – Clients can view their payment histories, organized by date and listing their exact payment amounts. This gives them the confidence that all payments are documented and applied accurately to their accounts.
- Trust account balances – Firm members, as well as clients, have an up-to-the-minute view of trust account balances. There is never any question about the amount of funds available and the need for additional funding. This feature also minimizes the administrative cost of printing out and sending trust account statements.
- Work in progress – Clients can see work occurring on their behalf even before receiving a bill for service. This information can be made available for client viewing immediately, so they always have a timely view of case progress.
Aside from client convenience, this innovative TimeSolv platform also assists law firms in receiving payments faster. This occurs through a number of features:
- With a few clicks of a mouse, clients can make payments on their account using a credit card or ACH bank draft. These payments are secure and delivered into the firm’s account in a timely manner.
- Recurring payments allow the firm and client to schedule payments on a recurring basis from a credit card or bank account. This feature is beneficial for ensuring that clients comply with any established payment plans.
- Easily remind clients that they need to replenish their trust accounts and enable them to do so with an online payment.
Customers around the globe have trusted top-rated TimeSolv to provide a reliable solution to daily time and expense tracking, billing, payments, reporting, and trust accounting needs. Now, they also trust TimeSolv to facilitate faster customer payments.