Tag: legal money lender

Build a structure of financial stability into your law practice. 3 weeks 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 2 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 2 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 3 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 4 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.

The Tale of 2 Attorneys 2 years ago

Mark and John are 2 very well known criminal defense attorneys. They both enjoy the respect of their peers, have seemingly thriving practices, and get most of their clients from referrals. They were both referred to me by a new attorney who had just started offering our product. Appointments were made. Both showed up.

The rest is a story of 2 very different roads.

Before we get too far, let me explain something. My company helps finance legal cases – specifically retainer fees. So our sole goal is to help attorneys make more money from the potential clients they attract. Then we pay the Attorney in full, upfront, and take all the risk.

In 2 years we have never lost an attorney. In fact, we have helped many attorneys enjoy the most profit their practice has ever seen. Mark and John both wanted to sign up.

Mark was a gruff attorney, who got directly to the point. “What’s this going to cost me?”

I encouraged him to consider the costs of not offering financing. I spent time explaining the costs of offering in-house payments and collecting 60% of your case fee. I explained the cost of his $240,000 debt load. I explained the cost of losing clients due to cost.

When it was all said and done, I showed him that if we can just approve 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.  In the end, Mark decided not to move forward due to cost.

John was quite the opposite. He was direct but open. His first question was, “How can 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. John immediately saw an opportunity to fix these problems and said yes.

Last week, I saw a meeting request pop up on my calendar. It was Mark. I hadn’t heard from him in over 18 months. When I called him, the first words out of his mouth were, “ok how do I get signed up?”

“What changed your mind”, I asked?

His response was “I ran into John 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.  He told me it all started with offering your financing product.”

We squared away the details and Mark signed up. By his 3rd month, Mark had made an additional $38,000.  All I could think about was that 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 practice, sign up below and let us show you how legal fee financing can help turn your existing clients into immediate cash flow with no risk.