Introducing the 2021 Law Firm Revenue Report
The last year presented many challenges across every industry. Operating remotely became a necessity and law firms quickly came to the realization that many of their traditional processes wouldn’t work. From client acquisition, managing staff and projecting cash flow, law firms had a lot to figure out to increase revenue, fast.
An industry once slow and resistant to modern technology was scrambling to get its hands on it to keep revenue flowing. The business function most in need of an upgrade was accounts receivable. As a whole, the legal industry is accustomed to the often slow process of collecting payments via paper check from clients. Once the pandemic hit, it was evident that this would deeply impact cash flow and law firms needed to adopt new ways to get paid — enter ePayments.
Importance of ePayments for increased revenue at law firms
ePayments aren’t a new concept to the legal industry. The ABA approved electronic payments years ago, but many law firms were reluctant to adopt them. The hesitancy was centered on fears of security, compliance, and a general sense of “don’t fix what’s not broken.” It’s true, paper checks will still get a law firm paid. However, ePayments greatly increase the frequency at which invoices are paid and help to provide law firms with increased revenue.
ePayments provide a positive outlook
As you will learn in our report, law firms saw tangible improvements in both time to collect and amount collected since adopting ePayments. Though challenging, the pandemic offered an opportunity for law firms to adopt modern payments processing, and those that did surely saw increased revenue in the first quarter of 2021.
You can download the complete 2021 legal industry revenue report to learn more about our discoveries and how law firms can create better practices to speed up their collections, get paid faster, and increase their revenue.
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