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Billing Week Stress to Collections Success Webinar.pdf

  1. 1. Billing week: from stress to collections success Oct 25, 2022 Joshua Lenon & Siobhan Ozege
  2. 2. Lawyer in Residence 2 Joshua Lenon TODAY’S SPEAKERS ● Attorney admitted into New York ● Certified Privacy Professional ● @JoshuaLenon
  3. 3. Product Manager - Billing 3 Siobhan Ozege TODAY’S SPEAKERS ● Experience in financial systems across multiple industries ● Product Manager for 5 years
  4. 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. 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. 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. 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. 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
  9. 9. 9 Start collecting directly from your bills.
  10. 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. 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. 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. 13. Firms can collect up to 34% more revenue by optimizing their realization & collection rates.
  14. 14. 37% Of growing law firms are more likely to use online payments
  15. 15. 5%-16% more revenue each month Customers using online payments collect between
  16. 16. $15,179 More per lawyer, on average, was collected from online payments in 2020
  17. 17. 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
  18. 18. 39% When collecting fees via secure online credit card payment platform, firms get paid faster than by other means.
  19. 19. 8% Those using online payments saw up to More new cases per month
  20. 20. 81% of consumers say a law firm's ability to offer payment plans influences their hireabilty.
  21. 21. 22 Make paying convenient, right from the bill.
  22. 22. 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
  23. 23. 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
  24. 24. 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
  25. 25. $190M Has been collected from Automated Bill Reminders alone
  26. 26. 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
  27. 27. 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
  28. 28. 57% Of bills and trust requests with an online payment method are paid within the first 24 hours
  29. 29. 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
  30. 30. 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
  31. 31. 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
  32. 32. 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
  33. 33. 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
  34. 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
  35. 35. The impact of trust accounts on your realization and collection rates
  36. 36. 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
  37. 37. 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
  38. 38. 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
  39. 39. 40 Questions
  40. 40. Thank You