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Billing week:
from stress to
collections success
Oct 25, 2022
Joshua Lenon & Siobhan Ozege
Lawyer in Residence
2
Joshua Lenon
TODAY’S SPEAKERS
● Attorney admitted into New York
● Certified Privacy Professional
● @JoshuaLenon
Product Manager - Billing
3
Siobhan Ozege
TODAY’S SPEAKERS
● Experience in financial systems across multiple
industries
● Product Manager for 5 years
4
Agenda
● Typical pre-billing workflows
● Billing workflow improvements
● Overview of Clio’s new collections features
● The full collections suite in Clio
● Trust accounting best practices
● Q&A
97%
of stats look pretty when
presented like this
29%
Of firms rely on clients to
pay bills by check
25%
Of firms still mail bills
Typical pre-billing workflows
Log
activities
throughout
the month
Draft bills
for work
throughout
the month
Review and
approve
bills
Send bills to
clients
Wait or
follow up on
payments
Common monthly billing challenges
● Time and expenses arenʼt
always recorded as they
occur
● Unclear approval process
internally
● Drafting and sending bills
individually takes time
● Unclear collections options
for clients
● Time-consuming bill
follow-up
● Manual data entry to record
or account for payments
● Bill sharing made easier
○ More personalization with
message templates
○ Multiple recipients on one
thread
○ Full page bill preview for bills
in bulk
● Personalizing the senderʼs email
address
● Save payment methods at intake
(and itʼs PCI-compliant!)
What’s new?
● In-person payments with QR codes
● New Payment Plan features
○ Include eCheck
○ More installment cadences
○ Multiple payment plans per
client
● Ability to choose when to incur
payment processing fees
● Trust Reconciliation—right in Clio
9
Start collecting
directly from
your bills.
Poll Question #1
Do you provide clients with the option to pay online?
a. Yes
b. No
c. Not yet, but Iʼve been meaning to start
10
11
● Built-in for and by Clio
● Remain compliant with IOLTA/Trust
Accounting rules without any effort
● PCI compliant payments and customer data
collection
● Support from Clioʼs 24/5 team
Payment
processing with Clio
Simple, transparent pricing - no hidden fees
● One rate for all credit cards: 2.8%
● eCheck flat fee: $2.00/transaction
● No card network fees
● Already included in your subscription
● Compliant with IOLTA/Trust
Firms can collect up to 34% more revenue by
optimizing their realization & collection rates.
37%
Of growing law firms are more likely to use
online payments
5%-16%
more revenue each month
Customers using online
payments collect between
$15,179
More per lawyer, on average, was collected
from online payments in 2020
97%
of stats look pretty when
presented like this
73%
Of firms allow clients to
pay invoices electronically
65%
Of consumers prefer to pay
using online payments
39%
When collecting fees via secure online
credit card payment platform, firms get paid
faster than by other means.
8%
Those using online payments saw up to
More new cases per month
81%
of consumers say a law firm's ability to offer
payment plans influences their hireabilty.
22
Make paying convenient,
right from the bill.
Maximize your use of Clio and connect your billing
and payments
● Saves time
● Better client experience with greater convenience & accessibility
● Gets you paid sooner
● Allows you to reduce non-billable hours spent on collections
● Reduces manual errors
24
Create Bill Message
Templates
Retain every ounce of personalization while
automating bill sharing.
● More autofill fields for greater customization
● Autofill fields for the subject line
● Personalize up to 20 different templates by
practice area, attorney, client, and more
25
Automated Bill
Reminders
Set it and forget it. Customize automated bill
reminder templates—from the message,
frequency, and recipients—to collect on
outstanding balances.
● Autofill fields further personalize the
message
● Create multiple reminders
$190M
Has been collected from Automated Bill
Reminders alone
27
Smoother bill sharing
Bill sharing in bulk just got easier. Send them by
email, client portal, or text messaging.
● Preview bills and see what your clients will
see before theyʼre sent
● Include multiple recipients of the same bill
on the same email thread
Replace image
28
Share multiple ways
Send bills with more convenience and accessibility
to suit the preferences and needs of your clients.
● Email
● Mobile-friendly client portal
● Text Messaging
Replace image
57%
Of bills and trust requests with an online payment
method are paid within the first 24 hours
30
Improve bill
deliverability
Change the senderʼs email address to your own
instead of notifications@clio.com.
● An address clients trust, and will open
● Immediate notification of bounced or
blocked emails
● Available for Google and Microsoft email
services
31
Payment plans
70% of consumers want the option to pay via
payment plans.
Collect on more of your outstanding balances or
avoid them completely by allowing clients to pay
in manageable amounts.
● Customized payment plans
● Flexibility
● Accessibility to legal representation
32
Saving payment
methods at intake
Make pre-billing even easier by charging payment
methods already stored by clients at intake (or any
time).
● PCI-compliant
● Quick ʻrequest paymentʼ link
● Manage payment methods from the contact
or matter dashboard
● Save multiple methods at once
● Credit card, eCheck/ACH
33
Make it universally easy
to get paid
Embed QR codes on your website or print off the
code and display it in your office.
● QR code in-person
● Pay now button or QR code embedded on
your website
Poll Question #2
Do you regularly reconcile funds in trust?
a. Yes
b. Not always - itʼs a pain
c. No, I donʼt manage trust funds
34
Evergreen Trust
The same collections functionality you would
add to your billing also applies to trust.
● Get notice when a clientʼs trust balance
drops below an agreed threshold
● Same easy payment options through
Clio Payments
○ Secure click-to-pay links
○ QR codes and website links
● IOLTA compliant
The impact of trust
accounts on your
realization and collection
rates
Adjust your trust accounting practices to gain even
more efficiency
● Automate transaction matching
with a business accounting
program that integrates with
Clio
● Use Clio for trust reconciliation
38
Takeaways
● Automate repetitive tasks by delegating
work to Clio
● Getting paid with Clio is better than other
methods and providers due to:
○ IOLTA compliance
○ Simple, transparent pricing
○ Available already in your
subscription
● Keep your financials all together
39
Whether you’re not
processing online
payments or using the
LawPay integration,
switching to Clio is easy.
● Already available in your account
● Everything is in one place
● Clients get more ways to pay
● Simple, transparent pricing with no
hidden fees
● IOLTA account protection & PCI compliant
40
Questions
Thank You

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Billing Week Stress to Collections Success Webinar.pdf

  • 1. Billing week: from stress to collections success Oct 25, 2022 Joshua Lenon & Siobhan Ozege
  • 2. Lawyer in Residence 2 Joshua Lenon TODAY’S SPEAKERS ● Attorney admitted into New York ● Certified Privacy Professional ● @JoshuaLenon
  • 3. Product Manager - Billing 3 Siobhan Ozege TODAY’S SPEAKERS ● Experience in financial systems across multiple industries ● Product Manager for 5 years
  • 4. 4 Agenda ● Typical pre-billing workflows ● Billing workflow improvements ● Overview of Clio’s new collections features ● The full collections suite in Clio ● Trust accounting best practices ● Q&A
  • 5. 97% of stats look pretty when presented like this 29% Of firms rely on clients to pay bills by check 25% Of firms still mail bills
  • 6. Typical pre-billing workflows Log activities throughout the month Draft bills for work throughout the month Review and approve bills Send bills to clients Wait or follow up on payments
  • 7. Common monthly billing challenges ● Time and expenses arenʼt always recorded as they occur ● Unclear approval process internally ● Drafting and sending bills individually takes time ● Unclear collections options for clients ● Time-consuming bill follow-up ● Manual data entry to record or account for payments
  • 8. ● Bill sharing made easier ○ More personalization with message templates ○ Multiple recipients on one thread ○ Full page bill preview for bills in bulk ● Personalizing the senderʼs email address ● Save payment methods at intake (and itʼs PCI-compliant!) What’s new? ● In-person payments with QR codes ● New Payment Plan features ○ Include eCheck ○ More installment cadences ○ Multiple payment plans per client ● Ability to choose when to incur payment processing fees ● Trust Reconciliation—right in Clio
  • 10. Poll Question #1 Do you provide clients with the option to pay online? a. Yes b. No c. Not yet, but Iʼve been meaning to start 10
  • 11. 11 ● Built-in for and by Clio ● Remain compliant with IOLTA/Trust Accounting rules without any effort ● PCI compliant payments and customer data collection ● Support from Clioʼs 24/5 team Payment processing with Clio
  • 12. Simple, transparent pricing - no hidden fees ● One rate for all credit cards: 2.8% ● eCheck flat fee: $2.00/transaction ● No card network fees ● Already included in your subscription ● Compliant with IOLTA/Trust
  • 13. Firms can collect up to 34% more revenue by optimizing their realization & collection rates.
  • 14.
  • 15. 37% Of growing law firms are more likely to use online payments
  • 16. 5%-16% more revenue each month Customers using online payments collect between
  • 17. $15,179 More per lawyer, on average, was collected from online payments in 2020
  • 18. 97% of stats look pretty when presented like this 73% Of firms allow clients to pay invoices electronically 65% Of consumers prefer to pay using online payments
  • 19. 39% When collecting fees via secure online credit card payment platform, firms get paid faster than by other means.
  • 20. 8% Those using online payments saw up to More new cases per month
  • 21. 81% of consumers say a law firm's ability to offer payment plans influences their hireabilty.
  • 23. Maximize your use of Clio and connect your billing and payments ● Saves time ● Better client experience with greater convenience & accessibility ● Gets you paid sooner ● Allows you to reduce non-billable hours spent on collections ● Reduces manual errors
  • 24. 24 Create Bill Message Templates Retain every ounce of personalization while automating bill sharing. ● More autofill fields for greater customization ● Autofill fields for the subject line ● Personalize up to 20 different templates by practice area, attorney, client, and more
  • 25. 25 Automated Bill Reminders Set it and forget it. Customize automated bill reminder templates—from the message, frequency, and recipients—to collect on outstanding balances. ● Autofill fields further personalize the message ● Create multiple reminders
  • 26. $190M Has been collected from Automated Bill Reminders alone
  • 27. 27 Smoother bill sharing Bill sharing in bulk just got easier. Send them by email, client portal, or text messaging. ● Preview bills and see what your clients will see before theyʼre sent ● Include multiple recipients of the same bill on the same email thread Replace image
  • 28. 28 Share multiple ways Send bills with more convenience and accessibility to suit the preferences and needs of your clients. ● Email ● Mobile-friendly client portal ● Text Messaging Replace image
  • 29. 57% Of bills and trust requests with an online payment method are paid within the first 24 hours
  • 30. 30 Improve bill deliverability Change the senderʼs email address to your own instead of notifications@clio.com. ● An address clients trust, and will open ● Immediate notification of bounced or blocked emails ● Available for Google and Microsoft email services
  • 31. 31 Payment plans 70% of consumers want the option to pay via payment plans. Collect on more of your outstanding balances or avoid them completely by allowing clients to pay in manageable amounts. ● Customized payment plans ● Flexibility ● Accessibility to legal representation
  • 32. 32 Saving payment methods at intake Make pre-billing even easier by charging payment methods already stored by clients at intake (or any time). ● PCI-compliant ● Quick ʻrequest paymentʼ link ● Manage payment methods from the contact or matter dashboard ● Save multiple methods at once ● Credit card, eCheck/ACH
  • 33. 33 Make it universally easy to get paid Embed QR codes on your website or print off the code and display it in your office. ● QR code in-person ● Pay now button or QR code embedded on your website
  • 34. Poll Question #2 Do you regularly reconcile funds in trust? a. Yes b. Not always - itʼs a pain c. No, I donʼt manage trust funds 34
  • 35. Evergreen Trust The same collections functionality you would add to your billing also applies to trust. ● Get notice when a clientʼs trust balance drops below an agreed threshold ● Same easy payment options through Clio Payments ○ Secure click-to-pay links ○ QR codes and website links ● IOLTA compliant
  • 36. The impact of trust accounts on your realization and collection rates
  • 37. Adjust your trust accounting practices to gain even more efficiency ● Automate transaction matching with a business accounting program that integrates with Clio ● Use Clio for trust reconciliation
  • 38. 38 Takeaways ● Automate repetitive tasks by delegating work to Clio ● Getting paid with Clio is better than other methods and providers due to: ○ IOLTA compliance ○ Simple, transparent pricing ○ Available already in your subscription ● Keep your financials all together
  • 39. 39 Whether you’re not processing online payments or using the LawPay integration, switching to Clio is easy. ● Already available in your account ● Everything is in one place ● Clients get more ways to pay ● Simple, transparent pricing with no hidden fees ● IOLTA account protection & PCI compliant