Mark and John are 2 very well known criminal defense attorneys. They both enjoy the respect of their peers, have seemingly thriving practices, and get most of their clients from referrals. They were both referred to me by a new attorney who had just started offering our product. Appointments were made. Both showed up.
The rest is a story of 2 very different roads.
Before we get too far, let me explain something. My company helps finance legal cases – specifically retainer fees. So our sole goal is to help attorneys make more money from the potential clients they attract. Then we pay the Attorney in full, upfront, and take all the risk.
In 2 years we have never lost an attorney. In fact, we have helped many attorneys enjoy the most profit their practice has ever seen. Mark and John both wanted to sign up.
Mark was a gruff attorney, who got directly to the point. “What’s this going to cost me?”
I encouraged him to consider the costs of not offering financing. I spent time explaining the costs of offering in-house payments and collecting 60% of your case fee. I explained the cost of his $240,000 debt load. I explained the cost of losing clients due to cost.
When it was all said and done, I showed him that if we can just approve 1 in 5 clients for a loan, he could be debt free within 24 months. He could afford a paralegal, which he desperately needed. He could free up money for marketing – all from the profits we helped him create. In the end, Mark decided not to move forward due to cost.
John was quite the opposite. He was direct but open. His first question was, “How can legal retainer financing help me, specifically?”
We went through a similar discussion about debt, losing clients to cost, chasing money clients owed him, and dropping more cases than he closed. John immediately saw an opportunity to fix these problems and said yes.
Last week, I saw a meeting request pop up on my calendar. It was Mark. I hadn’t heard from him in over 18 months. When I called him, the first words out of his mouth were, “ok how do I get signed up?”
“What changed your mind”, I asked?
His response was “I ran into John last week at the courthouse. He is having the best year of his life. He has hired more staff. He just hired another attorney. He took a vacation this year to Aruba. He told me it all started with offering your financing product.”
We squared away the details and Mark signed up. By his 3rd month, Mark had made an additional $38,000. All I could think about was that if he had signed up 18 months ago he could have potentially made $240,000.
If you can relate to this story and would like to grow your practice, sign up below and let us show you how legal fee financing can help turn your existing clients into immediate cash flow with no risk.