By Legal Futures Associate Legl
59% of lawyers report dealing with late payments on a regular basis. To mitigate this administrative burden that impacts on cash flow, Legl’s new Payment Plans automate the scheduling, notification, and collection of payments, creating more flexible and affordable payment terms at no extra cost.
With the average UK law firm writing off 14% of what is billed each year, cash reserves are under acute pressure with slower economic growth. Consumer and business clients alike are facing finance challenges, and it’s critical that your law firm leverages technology to recover monies as quickly as possible, to create more certainty around payment times, and to improve forecasting.
New Payment Plans in Legl make billing easier with scheduled instalment payments, and enable you to expand your pool of clients with affordable, flexible payment options. Mitigate risks caused by overdue invoices, and reduce write-off at your firm with stronger credit control. Enable your law firm to better manage cash flow all whilst attracting and winning new clients by offering flexible, affordable, digital payment plans.
How do Payment Plans work?
Automate your core finance processes and make it easier for your teams to bill your clients.
Create a new payment plan in a couple of clicks from your Legl dashboard, and split a larger payment into instalments that are automatically scheduled, communicated to your client and debited on the agreed time frame.
All instalments are debited automatically without requiring additional client authorisation with notifications and reporting for you and your clients. Clear information is automatically sent to your client about the agreed payment schedule to ensure payment terms are simple and transparent. Payment Plans work with any card payment and are available to you with your existing Legl setup.
Payment Plans work seamlessly with your other finance tools in Legl’s platform, and in a click of a button you can select whether to send your client a single, one-off request for the full sum, or you can select to set up a Payment Plan with agreed monthly instalments. From your Legl dashboard you get real-time updates, and can easily track your key metrics from the Insights dashboards.
“With Legl’s online payment solution we reduced our debtor days and improved our working capital cycle. It’s had a hugely positive impact on our firm”.
DJM Solicitors
“We ask more clients to pay money on account, but it’s very helpful that people can do this online using Legl. This is one of the most useful features of Legl.”
Brachers
How can your firm benefit from Payment Plans?
- Make billing easy by scheduling the instalment payments so that invoice payment times are predictable, reliable and easy to manage.
- Strengthen your credit control processes and advance affordability to your clients at no extra cost by splitting payments into affordable instalments.
- Reduce the risk of late, declined, or missing payments for your firm.
By automating these core processes, you can significantly reduce the administrative burden for your teams, all whilst creating more certainty around when invoices will be paid.
Payment Plans enable your firm to win new business by positioning your firm as a forward-thinking, client-centric business that can provide simple and straightforward payment schedules to your clients.
Payment Plans are part of Legl’s all-in-one payments platform delivering a firm-branded, digital client experience with best-in-class payment options. Legl’s platform enables you to centralise and digitise your finance operations:
- Send one-off, firm-branded payment requests to your clients
- Create digital payment plans and automate the scheduling, reminders and debit of payments
- Reconcile payments with ease from your dashboard providing you with real-time updates and detailed transfer summaries
- Enable clients to pay using 1-click payment options like Digital Wallets
- Harness data insights about key metrics like average payment times
For more information, schedule a personalised demo with us today.
