Many of us struggle with whether or not to use credit cards in our business. We say, why pay the processing fee? I can just wait a couple of extra days and get the check. But as I love to say, and I said during this podcast episode, a bird in the hand is worth two in the bush. So, how do we use it effectively? And how do we consider having as many options as possible for our clients in a way that is profitable as well as in a way that improves our relationships with our clients relative to money? 

Dan Lear is the head of marketing and partnerships at Gravity Legal, an electronic payments and money management firm built specifically for lawyers and law firms. He has a unique approach to make getting paid easier and faster for you. I love that he's a new player in this space, is making waves and getting some serious traction.

Tune in to this week’s episode for this valuable resource.

In this episode we discuss:

• Why spending money to collect money makes financial sense.
• The culture you create regarding money and your communication about payment methods you accept.
• Determining how to incorporate processing fee costs into your fee structure within legal guidelines. 
• Researching different payment product costs to strategically determine what payment options you offer to your clients.
• How subscriptions can help even out your revenue stream creating predictability.
• Resources to determine what is allowable in your state.

Guest Bio: 

Dan Lear is head of marketing and partnerships at Gravity Legal, an electronic payments and money management firm built specifically for lawyers and law firms. Prior to Gravity Legal, Dan worked as director of industry relations for the legal market place Avvo and, before that , as a technology attorney with both Fortune 500 and startup clients. He has a JD and an MBA from Seattle University. He is based in Seattle, Washington.

Website: https://www.gravity-legal.com/

Financially Legal Blog & Podcast: https://www.gravity-legal.com/financiallylegal

Email: [email protected]

Facebook: https://www.facebook.com/GravityLegal/

Twitter: @rightbrainlaw

LinkedIn: https://www.linkedin.com/in/danlear/

YouTube Channel:    https://www.youtube.com/channel/UCEravxZKM7M4irjk8ZCYojg/featured

Allison Bio:

Allison C. Williams, Esq., is Founder and Owner of the Williams Law Group, LLC, with offices in Short Hills and Freehold, New Jersey. She is a Fellow of the American Academy of Matrimonial Lawyers, is Certified by the Supreme Court of New Jersey as a Matrimonial Law Attorney and is the first attorney in New Jersey to become Board-Certified by the National Board of Trial Advocacy in the field of Family Law. 

Ms. Williams is an accomplished businesswoman. In 2017, the Williams Law Group won the LawFirm500 award, ranking 14th of the fastest growing law firms in the nation, as Ms. Williams grew the firm 581% in three years. Ms. Williams won the Silver Stevie Award for Female Entrepreneur of the Year in 2017.  In 2018, Ms. Williams was voted as NJBIZ’s Top 50 Women in Business and was designated one of the Top 25 Leading Women Entrepreneurs and Business Owners. In 2019, Ms. Williams won the Seminole 100 Award for founding one of the fastest growing companies among graduates of Florida State University.

In 2018, Ms. Williams created Law Firm Mentor, a business coaching service for lawyers.  She helps solo and small law firm attorneys grow their business revenues, crush chaos in business and make more money.  Through multi-day intensive business retreats, group and one-to-one coaching, and strategic planning sessions, Ms. Williams advises lawyers on all aspects of creating, sustaining and scaling a law firm business – and specifically, she teaches them the core foundational principles of marketing, sales, personnel management, communications and money management in law firms. 

 

Contact Info:

Contact Law Firm Mentor:

Scheduler: https://meetme.so/LawFirmMentor  

 

Snippets 

00:37:01 Dan Lear (36 Seconds)

I think that firms can be strategic about how they deploy these types of methods in order to bolster the economic and kind of financial health of their firms.

00:37:15 Allison Williams

Yeah, and I think it's all about having flexibility, like you said, because there may be some firms that are used to having a per transaction amount of somewhere between five and ten thousand dollars. And maybe they have that one big fish that walks in and it's like, OK, this is a fifty thousand dollar case and I'm taking it up front, putting the money in trust and and the client, you know, you don't want to have that kind of payment on a credit card,