Getting Paid: New Clio Features for Law Firm Billing
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Spend less time on bills—and more time on billables Law firm billing doesn’t need to be complicated, yet many lawyers struggle with it. The average lawyer spends hours drafting, editing, and sending bills—often scheduling several days each month to get bills out to clients. Law firms can reduce days spent on billing to mere hours by using Clio to format bills, bulk deliver them to clients, automatically track and apply payments, notify of billing events requiring attention, and much more. Join Joshua Lenon, Lawyer in Residence, as he demonstrates Clio’s newest online billing features and how they integrate into Clio’s workflow. In this 1-hour presentation, you’ll learn how to: Set budgets for matters Draft and send bills in bulk Create automated payment plans for clients Accept online payments into both operating and trust accounts Replenish trust-account balances automatically Identify and prevent delinquent payments
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Getting Paid: New Clio Features for Law Firm Billing
- 1. #ClioWeb Getting Paid: New Clio Features for Law Firm Billing A Clio Webinar
- 2. Joshua Lenon • Lawyer in Residence at Clio • Attorney Admitted in New York • @JoshuaLenon #ClioWeb
- 3. Agenda • Law Firm Billing Woes • Clio Billing Features • Set budgets for matters • Draft and send bills in bulk • Accept online payments into both operating and trust accounts • Create automated payment plans for clients • Replenish trust-account balances automatically • Identify and prevent delinquent payments • Clio Guest: Kim Bennett on Law Firm Subscriptions • Questions #ClioWeb
- 4. Law Firm Billing Woes #ClioWeb
- 6. Law Firm Billing Process • 70% of law firms bill only on a monthly basis • 27% of law firms still mail physical bills • 88% of law firms offer no discounts for early payments • 57% of law firms report regularly having overdue bills #ClioWeb
- 7. Where Do You Spend Your Time? Business development Office administration 16% 15% 11% 6% Collections Configuring technology Generating and sending bills Licensing and continuing education 16% 33% Administrative tasks48% #ClioWeb
- 8. Collection rates for law firms are low.
- 9. Late Payment Causes 3.17% 4.57% 7.43% 9.62% 31.12% 44.09% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% Client dispute on the billing amount Waiting for client to receive the bill Other Processing of payment by client systems Waiting on payment from client or party, even though they possess adequate funds Client lacking funds to pay the bill all at once #ClioWeb
- 10. Modern Billing Options Source: Patrick Johansen, CLM, CPP, “Patrick on Pricing,” http://www.patrickonpricing.com/continuum
- 11. Focused Billing Methods • Hourly with fixed billing periods (Traditional) • Flat fees due before work (Flat Fees) • Retainer or subscription model (Subscription) #ClioWeb
- 13. Standard Clio Billing Features • One-click, customizable bills • Hourly, flat fee, and contingency billing • Standardized time entries • Tax calculations, late fees, & early discounts • Email billing sharing • Trust accounting #ClioWeb
- 18. Why Use Matter Budgets • Traditional – give insight into matter finances prior to end of the month • Flat Fees – track efficiency against profitability • Subscription – running totals #ClioWeb
- 21. Generate Bills in Bulk #ClioWeb
- 22. Edit Bills in Sequence #ClioWeb
- 23. Bulk Sharing with Clients #ClioWeb
- 26. Pay Multiple Invoices at Once #ClioWeb
- 27. Why Bulk Billing Matters • Hourly – reduces non-billable work • Flat fees – enable volume billing • Subscription – enables volume billing #ClioWeb
- 29. Clients Prefer Online Payments Among people who’ve had a legal issue in the past two years: • 50% are more likely to hire a lawyer who takes electronic payments • 47% are more likely to hire a lawyer who accepts automated payments or fund transfers • 40% would never hire a lawyer who didn’t take credit or debit cards #ClioWeb
- 30. Clio Payments • No LawPay subscription fees • Deposit fees into either Operating or Trust accounts • Lowest legal-specific processing rates #ClioWeb
- 31. Clients Prompted to Pay #ClioWeb
- 35. Why Online Payments Matter #ClioWeb
- 38. #ClioWeb
- 39. #ClioWeb
- 40. #ClioWeb
- 41. Why Use Payment Plans • Hourly – enable clients on a budget to pay before going delinquent • Flat Fees – pay per segment • Subscription – recurring payments create legal cost certainty for clients #ClioWeb
- 48. Why Use Trust Balance Notices • Hourly – prevent unpaid work • Flat fees – avoid ethical mistakes • Subscription – keep clients procurement up to date #ClioWeb
- 52. Why Use Aging Report • Hourly – spot delinquent clients early #ClioWeb
- 67. Questions