Why Other Attorneys are Outpacing You 6 months 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 6 months 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.

Why are Young Attorneys Getting the Good Reputations? 7 months ago

Legal Retainer Financing Makes it Easier for Lawyers to Get the Work Done.

Everyone knows it’s true: with age comes wisdom. You expect that, as you mature through adulthood, you’ll just keep getting smarter, earning more, and increasing your levels of confidence and not giving a f**k. 

So why are young attorneys outworking and outpacing the older ones? In a job that values experience and intelligence, how are the new kids picking up so much momentum? Young attorneys are outworking old attorneys by using technology like Fortify to get paid by all their clients and doing all the work. This leads to great results, referrals, and a good reputation. These attorneys can take most of their cases to completion because they use Fortify, enabling them to sign more cases than others because of the flexible payment options. 

Why Can’t the Old Guys Keep Up?

iQualify’s revolutionary style of legal retainer financing, Fortify, presents a whole new way of thinking about legal lending. Fortify was only recently given the seal of approval by the ABA, making it a time for early adopters to jump on board. 

Older law firms are struggling to keep up because they’re not adapting to these new systems and ways of thinking about practicing law. Older lawyers have maybe even tried adapting to other new systems in the past but, left to their own devices and without help, they had a bad experience. It made them feel small. Meanwhile, young attorneys are currently in their hopeful, entrepreneurial phase of life. They are looking for systems to make life and work easier and make the money they want. They want to feel large. They’re ready for a system like Fortify.

Fortify, powered by iQualify Lending, offers your clients payment options that work for them and that they can easily understand. 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 that can generate recurring revenue that you don’t have to chase. 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. 

Don’t be jealous of how the young generation is finding their success! Join them and start instituting better business practices like iQualify and Fortify today. Develop a reputation as a cutting-edge, modern lawyer willing to embrace change and tackle new systems. Learn more and start living like you’re young today. 

Become the Attorney who Actually Does the Work with iQualify Lending Payment Options 7 months ago

Stop letting money walk out of your office door. 

We’re going to share a number with you….63%.

That’s the number of potential clients that have a consultation with a lawyer and leave feeling unsure about the cost and/or payment options. Think about that number. 6 out of 10 clients you speak with will leave a meeting feeling unsure about how to hire you, and what the next steps are to move forward.

In most cases when that happens, guess what happens next? The potential client reaches out to another attorney. 

Another attorney who signs them simply because they take the time to offer them better payment options. 

And I’m sure you’re thinking to yourself, I know this happens sometimes, but the numbers can’t be that high. 

Here’s another number…87% of those people who leave feeling unsure, do hire an attorney, just not you. 

If you’ve spent your ad revenue on getting people in the door, why let that many walk right out? 

With Fortify, powered by iQualify Lending, you can offer a cash option(get paid upfront), a financing option (get paid upfront) and an in-house payment option (get paid over time) that can generate recurring revenue that you don’t have to chase.

Imagine getting paid your full retainer, on most of your cases, without ever having to chase the client for money or call them for payments. 

Too many attorneys get into the habit of taking half down and then dropping cases when their clients don’t end up paying them. Wouldn’t it be a radical idea if you took more clients AND worked on each case, with the certainty of your recurring income each month? 

Fortify does all of the work for you, with none of the hassle. And with our system, attorneys are signing, helping and most importantly, getting paid by more clients than ever before. 

Stop letting other attorneys poach your clients. Offer more payment options and keep potential clients saying yes more often. Work with iQualify Lending and, before you know it, you’ll develop that reputation as the lawyer that actually does the work.

Build a structure of financial stability into your law practice. 8 months ago

You’ve heard the adage about “teaching a man to fish”, or the one about helping plant the corn, or the fruit-bearing tree — well, you can insert your favorite food/work metaphor here. We’d like to challenge you, our attorney friend, to really think about the fruit your tree is bearing. Is there enough to sustain your practice? Does it bear enough to feed your family? Your community? 

Taking care of yourself first is not a selfish way to live. It is only through being the planter, someone who recognizes the important stages and cycles of preparation, growth, and harvest, that you can reap enough bounty to take care of your loved ones and community. The same is true with your business today, and especially law. Your relationship with clients, especially the explanation of payment, needs to be taken in steps in order to operate successfully. iQualify’s payment management software takes the most important steps for you. Start using it and get back time and money you might not have realized you were losing. Within 30 days, you’ll be saying “yes” to more clients and start seeing the benefits of your well-laid plans with iQualify. 

What are you talking about and how does it relate to my law practice?

Just as there are no instant-harvests, there are no get-rich-quick schemes. Did you know it takes an average child until 12 to have an intermediate mastery of the English language? Just like having the alphabet down in middle school doesn’t make you Shakespeare, simply being a lawyer doesn’t make you rich. Everything has to grow and be nurtured, including your law practice and your relationships with your clients. iQualify, powered by Fortify, does exactly that. Our client payment management system builds a structure of financial stability into your practice. It doesn’t happen overnight, but rather the changes iQualify brings to your business frees up time and is the key to unlocking the next stage in your law practice. 

 

Doing things in stages helps deliver clarity. Think about a dinner party: you have to set the table, cook the food, get the house ready, plate the food…all in stages. You don’t just throw the scallops down on the table before they’re ready. Achieving financial stability for your law practice with iQualify is also a process in stages: 

    • Stage 1: you sign up and get the Fortify software
    • Stage 2: getting clients signed up, stress melts away
  • Stage 3: financial stability feeds the office, your family, and community

How do we invest in the community and ourselves after that? Planning to support a future we didn’t know we were going to have is difficult. But once you’ve taken the steps to simplify and streamline the collection and payment side of your practice, you’ll find so many more opportunities opening up. You could give your newfound free time to Big Brothers or Sisters, or volunteer at a food bank or homeless shelter. You can make larger donations to your favorite nonprofit or a charity close to your heart. Find some way you’d love to help your community, and, once financially solvent yourself, give back! 

Give iQualify a look now and sign up so you can start reaping/harvesting/feeding your law practice sufficiently in 2020. Insert your own food/work metaphor here. 

How to Wrangle Control of Your Practice 9 months ago

If you’re going to make one change this year…Wrangle Control of Your Law Practice!

Sometimes it’s not about chasing money from clients. It’s about having the money you need to control the growth of your business.  

You probably want to take on as many clients as you can. Let’s face it: this is a business and you need to make money. But how many times have you taken on a client only to then realize they were a bad fit as they showed up late, were hard to communicate with, made you chase their payment down, or were, in general, a hassle? 

Brian Tannebaum from Above the Law believes in “the philosophy that sometimes the best client is the one you turn down.” The idea is “Client Control” and it basically means that controlling clients is controlling your business and you have to set those attorney/client relationships up correctly at the beginning of the relationship, laying the parameters and taking charge. 

How iQualify Lets You Take Charge

iQualify’s unique software puts you in control of how you get paid. Solving the “problem” of when you’ll get money from your clients  gives you control of your practice in several ways: 

Investing in long-term goals – with more money going into your law firm’s bank account at a dependable rate, you’ll be freed up to invest more wisely, pay off debt, and make sound financial decisions.

Bounce back faster from setbacks – bad things happen all the time, and attorneys are certainly not immune to financial or health disasters. If you’re financially sound, you’ll be much more in charge of how you come back from adversity, how long it takes, and how much damage it actually does to your law practice.

Take care of your family and community! – as we’ve mentioned before, one of the most satisfying (no, the most satisfying) parts of making and keeping more money is being able to provide for your family and give back to your community. Happiness doesn’t come from money, but it sure helps, as it provides the agency to give and help others. 

Control is a destination and we can give you the tools to get you there.  

iQualify’s software is only for attorneys who understand the value of being able to say yes to more clients…the right clients.  

Wrestle your law practice and life back away from overbearing clients that are the wrong fit! Let iQualify, powered by Fortify, make this the year you fully take control.

 

Be the Better Gold Miner 10 months ago

How effective is iQualify Lending at wrangling control of your legal practice? 

It’s like mining for gold. It’s all about mechanization. 

Say you’re sloshing through a creek with a magnifying glass, looking for gold…that’s kind of what every day feels like as an attorney, right? You’re hoping to find gold in the creek with each new client/strike of the pickaxe. With iQualify Lending, you take all the legal clients in your area, stick them in a sifter and let us find all the gold in your creek by using mechanization.

Technology has changed the way the best lawyers make their money, grow their practice, and manage their business over the last 15 years. This new chapter in mechanization has improved efficiency and profitability for most industries and it’s finally made its way into finance via the software attorneys use. Legal retainer financing, available through iQualify and powered by Fortify, is the best thing to happen to the industry so far. Using iQualify is like being given access to a treasure map with a giant “X” marking the spot where the gold can be found….all you have to do is dig. Think of each shovelful as one application of Fortify, iQualify’s software. 

iQualify Lending helps you start building the structure of financial stability. It’s great if you have an 80% collection rate, but at what cost? Are you still doing all the work? Mechanization/technology frees up time and is the key to unlocking the next stage in your law practice! 

If I told you I had a treasure map and endless gold nuggets to find, when would you stop digging? The answer is probably never! 

Every dig through this soil has the opportunity to strike gold. Technology makes it even easier. And, just like in life, nothing feels better than striking gold…or getting paid upfront. If you’re ready to start being a better gold miner, learn more today and let’s get started. 

Feed Yourself First This Holiday 10 months ago

You’ve heard the adage about “teaching a man to fish”, or the one about helping plant the corn, or the fruit-bearing tree — well, you can insert your favorite food/work metaphor here since it is the holiday season. In the spirit of Thanksgiving, what better time to challenge you, our attorney friend, to really think about the fruit your tree is bearing. Is there enough to sustain your practice? Does it bear enough to feed your family? Your community? 

 

Taking care of yourself first is not a selfish way to live. It is only through being the planter, someone who recognizes the important stages and cycles of preparation, growth, and harvest, that you can reap enough bounty to take care of your loved ones and community. The same is true with your business today, and especially law. Your relationship with clients, especially the explanation of payment, needs to be taken in steps in order to operate successfully. iQualify’s payment management software takes the most important steps for you. Start using it and get back time and money you might not have realized you were losing. Within 30 days, you’ll be saying “yes” to more clients and start seeing the benefits of your well-laid plans with iQualify. 

What are you talking about and how does it relate to my law practice?

Just as there are no instant-harvests, there are no get-rich-quick schemes. Did you know it takes an average child until 12 to have an intermediate mastery of the English language? Just like having the alphabet down in middle school doesn’t make you Shakespeare, simply being a lawyer doesn’t make you rich. Everything has to grow and be nurtured, including your law practice and your relationships with your clients. iQualify, powered by Fortify, does exactly that. Our client payment management system builds a structure of financial stability into your practice. It doesn’t happen overnight, but rather the changes iQualify brings to your business frees up time and is the key to unlocking the next stage in your law practice. 

 

Doing things in stages helps deliver clarity. Think about Thanksgiving: you have to set the table, cook the food, get the house ready, plate the food…all in stages. You don’t just throw the turkey down on the table before it’s ready. Achieving financial stability for your law practice with iQualify is also a process in stages: 

 

  • Stage 1: you sign up and get the Fortify software
  • Stage 2: getting clients signed up, stress melts away
  • Stage 3: financial stability feeds the office, your family, and community

 

How do we invest in the community and ourselves after that? Planning to support a future we didn’t know we were going to have is difficult. But once you’ve taken the steps to simplify and streamline the collection and payment side of your practice, you’ll find so many more opportunities opening up. You could give your newfound free time to Big Brothers or Sisters, or volunteer at a food bank or homeless shelter. You can make larger donations to your favorite nonprofit or a charity close to your heart. Find some way you’d love to help your community, and, once financially solvent yourself, give back! It’s the perfect way to celebrate the spirit of the holidays.

 

Give iQualify a real close look this holiday and sign up so you can start reaping/harvesting/feeding your law practice sufficiently in 2020. Insert your own food/work metaphor here. 

 

Happy Holidays from iQualify! 

TIRED ATTORNEYS MAKE BAD DECISIONS 11 months ago

Poor choices in finance and billing possibly blamed on lack of sleep…

Aren’t you exhausted? You work a lot of hours as an attorney, with the ABA claiming the average is 60-80 hrs/week. That means early mornings, late nights, lunches at your desk, missing that soccer game, or pushing off the family vacation for another couple of months. It also means there’s never enough sleep and you find yourself feeling tired all the time.

Before you know it, your life is stolen from you by a million little things, not the least of which is your debt load. The costs of not getting paid back for your attorney fees are staggering. When you factor in labor, billing, and reconciliation, you could be making as little as 55 cents on the dollar!

You know what else will keep you up at night and cause you exhaustion? Earning 55 cents on the dollar.

Chasing down clients and/or making collection calls to get them to pay is draining your energy and your bank account. Not to mention you’re probably also dropping clients because of non- payment, which is causing you to lose even more money. The average lawyer worked just 2.5 hours of billable work each day in 2018! (2018 Legal Trends Report, pg. 49)

Stressors like these can lead to clouded judgment and poor choices made… such as the way you’re going about trying to collect your retainer fees. The smartest attorneys (or maybe we should say the most well-rested) are fixing both their financial and stress problems thanks to innovative programs like legal retainer financing.

Legal fee financing takes the work and headache of collecting your clients’ payments off your shoulders and lets you start making more money, almost immediately. You’ve worked hard to build your practice. And with iQualify Lending, you can get rid of the stress of chasing payments and get back to doing what you love – practicing law

Want to see how it works? Reach out to us right now and see for yourself how iQualify Lending can relieve your stress, make more money, and get more sleep.