Why Other Attorneys are Outpacing You 4 years ago

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.

An Attorney's Worst Nightmare 4 years ago

Does this story sound familiar?

As attorneys, we’ve all been in this situation before: your heart sinks as you receive an email from your payment processor stating your client’s monthly retainer payment of $400 has been declined, disputed, or—worst of all—charged back, returned, etc. The disputed amount gets taken out of your account immediately and you’re left with no recourse to prove the charge was authorized. Even if you do provide proof, you have to wait up to three months to see that money returned. 

These kinds of financial nightmares occur all the time. It doesn’t seem, at first, like they have that large of an impact on your bottom line. But after it happens to you several times in a month, you start to feel panicked. It starts to make an impact on your life, from paying bills to making rent. Is this your new, terrifying status quo? Aren’t lawyers supposed to be financially secure? Chasing payments and going after clients to get paid is not the job you took the bar exam for. 

You might resolve many of these issues over time, but as they start stacking up you feel like the nightmare will never end. Dealing with legal lending challenges and going after retainer payments causes a “bad vibes” avalanche that, if left to snowball, can spread and cover all aspects of your life…affecting your staff, the family you go home to, and your caseload of other clients that are paying on time. Everyone has to get paid and you’re carrying the stress of how that happens.

The byproduct of all this instability is that fear and desperation can set in. Fear is why we’ve all made the mistake of trying to milk every client upfront. Losing clients to cost leads to desperation, desperation leads to frustration, and clients can sense it. The avalanche spreads…This happens daily, all across the country, in firms and practices both big and small. Older, established firms deal with it and new, hardworking young lawyers deal with it too. The legal retainer financing problem plagues all. However, the smartest attorneys—the ones who keep searching, learning, and pursuing ways to improve their careers—all seem to land on the same solution for the problem. They’ve found the holy grail of legal payment management. They’ve found iQualify Lending. 

iQualify, powered by Fortify, will cure your retainer financing headache once and for all. You’ll be able to get back to doing what you were meant to do…practice law. iQualify provides a legal lending solution that attorneys across America are using daily to sign more clients, make more money, and get rid fo the stress of chasing clients for money. It’s affordable and can start fixing your practice’s financial problems immediately. Our client payment management system builds a structure of financial stability in your practice. It doesn’t happen overnight, but the change iQualify brings to your business frees up time and is the key to moving forward and conquering your law practice without fear!

Achieving financial stability for your law practice with iQualify is a three-step process. 

  • Step 1: you sign up and get the Fortify software
  • Step 2: getting clients signed up, stress melts away
  • Step 3: financial stability and YOU practicing law, not collections 

Ready to see how it works? Reach out to us right now and see for yourself how iQualify Lending can vanquish your fears, make you more money, and get you on the path to success today.