Payment Plan Software for Law Firms and Professional Organisations — How to Use it Effectively to Increase Revenues and Improve Cashflows?

If you are thinking about improving revenues and cashflows in 2021… you are not alone!

If you are thinking how to get your billings up and how to improve your collection rates and cashflows… you are not alone. In fact, most of law firms and professional services organisations are in the same boat.

The instalment payment plan ‘disconnect’ in professional services firms

Let’s look at instalment payment plan software solutions used by law firms and other professional organisations.

So why law firms do not enable client payment plans for their clients?

Some of the more traditional reactions by professionals running their law firms or other professional services organisations have been:

  1. “I am not a bank”. Absolutely. Although there is no need to be one, and we would not recommend it. If the instalment payment plan is set in the right way for a client, one can mirror the expected work performed in phases with a customised instalment payment plan. Irrespective whether your fee structure is flat fee, retainer, hourly rate.

Why use payment plan software for law firms and other professional organisations as a tool to increase revenues and improve collection rates?

1. Client demand — several recent surveys point out that ~70% of clients do want to pay their professional services fees via instalment payment plan. Did you know that as you are reading this article, there are 596 different Google keyword searches involving ‘lawyers’, ‘attorneys’ and ‘payment plans’ that are being used by prospective clients now? For example, there are 320 Google searches on “family law attorney payment plan near me” or 360 Google searches on ‘criminal defence lawyers with payment plans near me” (source Spyfu.com). All of these searches represent additional prospective addressable market for a law firm or professional services organisation - right now.

What are the key features to look out for in a payment plan software?

One should look for the following key features and functionalities when selecting a payment plan software for a law firm or professional services firm:

Is such payment plan software available for law firms and other professional organisations?

The simple answer is yes. There are some generic payment plan software led solutions, and others which are tailored to law firms and other professional organisations, like payink.com.

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Branislav Trajkovski

Branislav Trajkovski

Branislav is director and investor at payink.com, a financial technology company aimed at increasing collection rates for SMEs.