Clio's New Online Payments Solution Set to Help UK Law Firms Overcome Payment Challenges
Clio, the global leader in cloud-based legal technology, recently published a study unveiling a concerning trend: UK law firms lose more than 50 days annually due to the arduous task of pursuing overdue payments from clients. The comprehensive research, conducted by Censuswide and involving 150 UK law firms and 1,000 UK consumers, shed light on the fact a significant quarter of law firms dedicate an entire day every week, to resolving payment delays and related challenges. Moreover, the findings revealed 1 in 5 individuals seeking legal services, perceive payment as the most daunting aspect when engaging with lawyers.
The study also highlighted:
- “Despite the time spent chasing payments, 97% of legal fees are not paid on time.
- 27% of legal practitioners said that not getting paid properly affects their morale.
- 40% of consumers said they would not use a law firm that lacks a simple online payment method.
- 50% of consumers who used a law firm were not given the option to pay with a debit card”.
- “Accept online payments securely and in accordance with PCI compliance.
- Offer click-to-pay links via bills, law firm website, emails, QR codes, or through Clio’s secure client portal.
- Keep client, billing, and financial records in one place for smooth, three-way reconciliation.
- Get full transparency into every transaction with a fixed rate for all card types and no hidden fees.
- Track bill payments automatically and sync records to a preferred accounting platform.
- Separate client accounts from the law firm’s operating account.
- Trust that transaction fees and chargebacks (third-party debiting fees) are automatically taken from the operating account, not the client account”.
Read more about Clio’s New Online Payments Solution here.