The use of payment plans has been steadily rising at law firms across the U.S., partly due to the fact that legal services are expensive. That comes as no surprise, but at an average rate of $340 per hour, the general public is looking for ways to reduce their overall spend. Take California for example, 85% of legal issues remain unresolved due to limited legal aid caused by financial constraints. One way to combat the rising fees, and give clients some breathing room, is to implement payment plans. Doing so allows law firms to open the doors to a wider client base, making legal assistance more accessible and affordable for all.
In this blog, we will explore the 3 best practices for utilizing lawyer payment plans in PracticePanther, and how that bridges the justice gap by easing clients’ financial burdens and maintains financial transparency for law firms.
Payment Plans Work Best with Clear Communication
PantherPayments provides various options for establishing a payment plan with your clients. However, the first step is to discuss your firm’s billing terms and policy with your clients before finalizing any payment plan. By doing this, it will avoid any confusion or misunderstanding throughout the payment plan duration. It is recommended that every client sign an agreement that outlines your firm’s legal billing policy before commencing work together.
By establishing a mutually agreed payment arrangement, the aim is to create a financial structure that meets the needs and capabilities of your clients while ensuring that you receive appropriate compensation for your services. Ultimately, a well-designed payment plan should foster a positive and satisfactory relationship between you and your clients, promoting transparency, trust, and a successful working partnership.
Once your client has signed the agreement with the agreed total amount, frequency of payments, and payment method, you can proceed to configure a payment plan within PantherPayments.
Quickly Customize Payment Plans for Clients in PantherPayments
It is time to input the agreed-upon terms into PantherPayment’s payment plans. This feature offers complete flexibility, allowing you to customize the terms and policies according to your client’s specific financial circumstances. You have the freedom to modify the payment plan to best accommodate their needs.
To ensure transparency, it is crucial to accurately fill out the essential details in each section of the payment plan, such as the description, the total amount to pay, the amount per payment, payment cadence, and the first charge. PracticePanther will then automatically calculate the installment count for you. It is recommended that you do this with your client in real-time to avoid any future confusion or misunderstanding.
For instance, if the total cost of the service is $1,000 (Total to Pay) and your client wishes to make monthly payments of $100, it would take time 10 months to fulfill the entire payment obligation. By accurately filling out these details, you can ensure your client is comfortable with the payment schedule and understand the terms of their payment plan.
To learn more about how to set up a payment plan in detail, please check out this article.
Provide Full Transparency Throughout The Entire Payment Plan Duration
PantherPayments provides transparency by enabling you to monitor every payment within the payment plans, minimizing any unexpected surprises or discrepancies. Once you have successfully set up the payment plan, it is recommended to consistently track the status of each payment. Furthermore, PracticePanther offers notifications in the event of a declined payment, labeled as “Failed.” This allows you to take immediate action by contacting your client and resolving the issue, such as obtaining a new valid card for payment. By proactively managing payment statuses, you can ensure a smooth payment experience and maintain clear expectations with your clients.
Additionally, to maintain transparency throughout the entire duration of the payment plan, PracticePanther automatically sends a confirmation email to your client for every successful transaction. The confirmation email serves as a verification of the transaction and provides an additional layer of accountability for you and your clients.
Open Doors for More Businesses with PantherPayments’ Customizable Lawyer Payment Plans
Don’t let financial constraints hinder your clients’ access to justice. With PantherPayments, you can offer flexibility and take control of your financial operations by catering to your client’s specific needs with flexible and customizable payment plans. From personalized installment plans to tailored payment arrangements and customized schedules, you have the freedom to design payment plans that align perfectly with your client’s financial circumstances.
If you’re interested in learning more about PracticePanther and our custom payment plan, book a demo with our team to explore the full array of features and benefits!
