The legal industry is known for its commitment to justice, but also for its heavy reliance on paper systems and a past reluctance to embrace the digital age. Although there is increased pressure from clients to digitize many business functions, law firms that service the legal departments of large corporations have typically been slow to answer the call by embracing new technologies.
This hesitancy must change.
Increasingly, corporate clients want the ability to pay for outside counsel legal services with a credit card. Yet many law firms are lagging behind other vendors who have been taking credit card payments from these same clients for years. The continued cautious approach of the legal industry to automate accounts receivable functions has many downsides:
- Many law firm AR departments are overwhelmed with time-consuming, manual processes including invoicing, applying payments and matching remittance data to an ERP.
- Although popular in the legal industry, ACH payments can be difficult to reconcile and have other limitations.
- Credit card payments made using emails that include cardholder information may not be PCI compliant, creating undue risk for clients.
- Unapplied payments can squeeze the credit line of your clients even though payments were made.
Regardless of the payment method, outside counsel is under increased pressure to provide more timely and accurate billing and reconciliation processes to their corporate clients.
Law firms need to speed up their adoption of new technologies, including an automated AR solution capable of helping them retain clients who expect low-friction invoicing and payment processes from all of their vendors.
Download this white paper to understand how automation can help law firms innovate the entire AR cycle – delivering a modern experience to their clients, a more accurate real-time view of their finances and time-saving technology tools for their hard working teams.
To read the full white paper, please fill out the form to the right.