The story of two attorneys, 18 months, the different paths they took, and where it led them.
Matt and James are criminal defense attorneys. They’re both successful and have made names for themselves with their practices. Both of these men were recently referred to iQualify by other attorneys who have been using our client-financing system. They both showed up and we discussed their options. Then they took two very different paths.
First of all, you should know: iQualify Lending’s goal is to help attorneys make more money from the potential clients they attract. To put it simply, iQualify helps finance legal cases – specifically client retainer fees. We have helped many attorneys enjoy the most profit their practice has ever seen. Matt and James both wanted to sign up.
Matt got directly to the point. “What’s this going to cost me?”
We encouraged him to consider the costs of not offering legal-retainer financing. We spent time explaining the costs of offering in-house payments and collecting 60% of your case fee. We explained the cost of his $240,000 debt load and the further cost of losing clients over financing.
When it was all said and done, we showed him that if our client-retainer financing just approves 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.
But in the end, Matt decided not to move forward due to cost.
James was quite the opposite. He was direct but open. His first question was, “How can iQualify Lending’s 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. James immediately saw an opportunity to fix these problems with retainer loans and said “yes”.
Last week, Matt reached back out. We hadn’t heard from him in over 18 months. The first words out of his mouth were, “Ok, how do I get signed up?”
It turns out, Matt ran into James 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. Matt says, “He told me it all started with offering iQualify’s legal lending.”
Matt signed up and by his 3rd month, he had made an additional $38,000. 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 law practice, let us show you how legal fee financing can help turn your existing clients into immediate cash flow with no risk.