Law firms often struggle with payment plan issues like chasing payments and stress. But the problem isn’t payment plans themselves – they’re still the most common way Attorneys convert clients. The problem is that collecting on payment plans is a nightmare. Compound that with low collection rates, and it’s easy to see why Law Firms are frustrated.
Payment Plans and Retainer Financing: The Reality
The Struggle With Payment Plans
De-Risking Your Payment Plans Is The Solution.
We can help structure, de-risk, and manage payment plans while providing financing options. Financing can be a great option for clients who have high credit scores and can qualify for low-interest loans to pay their legal fees.
However, it’s important to note that most people don’t qualify for financing. It holds almost the same conversion rate as people that can just pay you upfront. This means that even with a financing option, you will still be left managing payment plans for most of the same clients.
Income-Based Payment Plans for Flat Fee Cases
Fortify offers an Income-Based Payment Plan option for flat fee cases up to $7500. We propose and structure payment plans for up to 24 months. We verify the clients’ income to de-risk the payment plan. And finally, we implement an early detection and default program to get rid of non-payers.
Then we approve that client and provide the attorney with a 70% to 80% advance on that payment plan.
Here Is An Example
Here is an example of a $7500 case. The attorney would get between $5250 and $6,000 upfront directly from the lender. This improves cash flow when it comes to making payment plans.
These are still your payment plans, but we will manage and collect these payment plans for you, allowing you to focus on the case.
Managed Payment Plans Create Stability
We can help you structure, de-risk, and manage your payment plans. We help you increase collection rates and cash flow. And we reduce stress on your firm by handling the collection, follow-ups, and all the administrative work for you, allowing you to focus on the case.
In simple terms – Fortify helps turn risky loans into reliable sources of income.