If you want to get paid faster, get a credit card machine.That was one of the main takeaways from Clio’s 2017 Legal Trends Report, released on Monday during the first day of its annual Clio Cloud Conference in New Orleans. Taking user data from Clio’s cloud management software, as well as supplemental surveys with clients and lawyers, the report provided new insights, including how attorneys lose money, how clients find an attorney and what factors matter to them when deciding on representation.The report found that 14 percent of law firm billing is not collected. In 44 percent of cases, clients lack funds to pay, while 31 percent of clients have the money but still pay late. The report also pointed out that 29 percent of firms rely on checks and 25 percent of firms use mail for billing, which slows process time and collections. However, those attorneys who accept credit cards are paid 40 percent faster.The data also analyzed consumer preferences. When asked how consumers choose a lawyer, 67 percent said it was when the attorney calls or emails right after the potential client’s initial contact. George Psiharis, vice president of business operations at Clio, presented this information while citing… Read full this story
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