What Attorneys Have Learned During COVID-19: 4 Steps to Strengthen Your Law Practice 1 month ago


The pandemic has shown us the shakiness of life as business owners

The COVID-19 pandemic is currently bearing down hard on lawyers and firms. If we’ve learned anything it’s that were not nearly as cash fluid as we should be or thought we were. For many of us, our businesses are walking the knife’s edge of sustainability, and a several-months-sustained hit to our income is hard to manage. 

Think of your practice as a boat. It has a few holes in it, but nothing too major, no big problem. Now, a monsoon has struck, and your boat is filling with water. The holes are only helping things along. One of the first things to go overboard when costs weigh you down is your staff. Once that happens, you are the one left doing all the work again, back where you started as an attorney, and it’s the worst.

So, what have we learned? Patch the holes before the flood! When things return to “normal”, you need to be sure you’re taking these 4 Steps to Strengthen Your Law Practice

  1. Shore up defenses
  2. Strengthen cash reserves
  3. Collect more money from the cases you’re signing
  4. Have a way to allow any client who wants to hire you to say yes!

That fourth one is super-important and that’s where we come in. Fortify, powered by iQualify Lending, offers your clients payment options they can easily say ‘yes’ to. Start using the Fortify software and you’ll have an easy, modern way to get new clients signed up when they come to you, As the attorney, you get paid upfront with both cash and financing options and get paid over a period of time with an in-house payment option. iQualify attorneys get paid their full retainer on most of their cases without ever having to chase their clients for money or call them for payments. 

Here’s a real-world example. One of our clients, a large criminal defense firm in Vegas, hired a new case manager who signed up for our services again on accident. When we called to discuss the mistake, we spoke at length about Fortify, our new retainer-financing platform. They came to realize we can manage their payment plans and, all of a sudden, the whole conversation changed. The owners popped onto the call from various states and said “Wait a minute…you can do this? That’s the biggest problem we have!” We let them know we can do it all for them and take these worries away. 

Our Vegas friends, like so many attorneys, were exhausting staff by tasking them with tracking down money, dealing with a frustratingly high turnover rate, having to train new employees all the time…the things that puncture your boat with those little holes. We let them know iQualify clients aren’t having these issues! If you’ve learned anything during this pandemic, it should be that there are options for you to help simplify and improve your practice going forward. 

There’s more to iQualify that just financing. We’ll handle your legal lending and take the burden off of you and your staff, positioning you all for success when the economy comes back. Ready to see how it works? Let’s get started now!

When the Law Business Returns to Normal, Make Things Simple. 2 months ago

Be ready to have legal retainer financing in place and make life easier for your clients.

The COVID-19 pandemic has affected every business and industry on the planet. Your law practice is no exception. The economy is on pause for the time being, and this likely means a lack of clients and work for many attorneys. Now is the time to prepare and strategize. “This too shall pass”, and when it does you’re going to come out on top this time. When things return to normal, or when you figure out what the new normal is, it’s time to make things simple. 

People are going to need attorneys more than ever when social distancing ends. Human nature dictates they are still making mistakes and having legal disputes under quarantine. When the stay-at-homes are lifted, partygoers will go back to the bars in droves (and have accidents). Millions of quarantined couples are experiencing significant stress and pressure on their relationships. Once the shelter in place is lifted, expect divorce cases to skyrocket. Is there a simple way to capture that business? Yes. 

The power of making things simple: Make a clear path and make it easy for them to say ‘yes’. 

If anything, this time of isolation and reflection can help you take stock of just how cluttered and complicated you’ve been making things. When the economy turns back on, people will be searching for lawyers en mass. With the flood of people who will be searching, he with the easiest solution will win! Fortify, powered by iQualify Lending, makes things easy by offering your clients payment options that they can easily understand. 

Start using the Fortify software and you’ll have an easy, modern way to get new clients signed up when they come to you, As the attorney, you get paid upfront with both cash and financing options and get paid over time with an in-house payment option. iQualify attorneys get paid their full retainer on most of their cases without ever having to chase their clients for money or call them for payments. Why? They make things easy!

Clients will be under a lot of stress and confusion when the COVID-19 pandemic is over and they’re going to appreciate an easy solution to their payments. Legal fee financing takes the guesswork and headache of retainer payments off your clients’ minds and lets you start making more money, almost immediately.

Ready to see how it works? Let’s get started now. iQualify Lending will help you make your law practice easier for clients and making more money your new normal.