The document outlines strategies for law firms to enhance their collection rates, emphasizing that firms often leave substantial uncollected revenue on the table. It advocates for proactive payment methods such as flat fees, evergreen retainers, subscriptions, and storing payment information to achieve 100% collections. The presentation also highlights the mission of Gravity Legal to support law firms in overcoming financial barriers to operate effectively and serve their clients.

1. Getting Paid
Four Strategies to Perfect Your Firm’s
Collection Rate
Presentation originally given at the American Bar
Association Dispute Resolution Technology Expo

2. Collection Rate = Amount Collected /
Amount Invoiced
Increasing collection rates is all about process improvement
It’s one of the easiest ways to improve firm financial performance
A perfect collection rate simply means you get paid for all the
work you decide to put on a bill

3. Typical Collection Rates
Source: 2019 Clio Trends Report

4. What This Means
A firm with $1m in annual invoices, leaves between $200,000
and $100,000 on the table every year
This is work the firm has not only completed, but completed
AND decided to put on the bill

5. So What
Gravity Legal’s mission is to break down financial barriers for
entrepreneurial law firms in order to help them accomplish
their missions and live their values

6. Example - Gravity Payments

7. Example - Gravity Payments
Gravity cares about reducing income inequality, but for the
first 11 years of the company's existence, paid low entry-level
wages
Only when the company had financial resources could it
afford to take a stand
We want to help all firms get the financial resources to serve
the type of clients they want to serve to live their mission and
values

8. Step 1 (The Only Step In This
Presentation):
Get Paid for the Work You Decide to Put
on the Bill

9. How Do Firms Get to 100%
Collections?
They Take Payment Before They Work
1. Flat Fee
2. Evergreen Retainer
3. Subscriptions
4. Keep Payment Methods on File
Four Ways to Do This:

10. Flat Fee
Earned on receipt
Don’t mess with the trust account
Put a link on the engagement agreement or
online
Key question: what to charge?
Curious what to charge for
flat fee services? Check
out Episode 6 of the
Financially Legal Podcast
with law firm financial
expert Chelsea Williams

11. Evergreen Retainer
Stay ahead of the billing
Pay yourself from trust
Put a payment link on the engagement agreement or online
Set a threshold balance below which to request funds and a target
balance
Threshold
Target

12. Subscriptions
Earned on receipt
Don’t mess with the trust account
Link on engagement agreement
New metrics to track (Customer lifetime value,
retention etc.)
Key Question: what to charge?
Curious how to set up
subscription services? Check
out Episode 5 and Episode 7 of
the Financially Legal Podcast
with Jon Tobin and Kim
Bennett

13. Keep Payment Methods on File
Security: Ensure you are storing a token, not the actual card or bank
account number
Don’t mess with the trust account
Add a storage link on the engagement agreement; don’t start work
without it
Add a 5-10-day invoice review period in the engagement
agreement; after the period is up, the amount due is automatically
charged

14. Recap:
How Firms Get to 100%
Take Payment Before Work
1. Flat Fee
2. Evergreen Retainer
3. Subscriptions
4. Payment Methods on File

15. Live Demo
How to use Gravity Legal to do all this stuff

16. Resources and Contact
● My contact
○ ewager@gravity-legal.com
○ LinkedIn - Emery Wager
● Follow us on social (LinkedIn and Twitter - @gravitylegal)
● Check out the Financially Legal Podcast and Blog
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