It’s
no
secret
that
lawyers
can
be
pretty
bad
with
money
management,
and
there
are
many
reasons
why.
“Let’s
go
back
to
the
very
beginning,”
says
Joyce
Brafford
of
Profitsolv.
“We
know
that
law
schools
are
very
good
at
taking
people’s
money.
But
what
about
when
the
lawyers
have
to
take
people’s
money?”
In
a
recent
episode
of
the
Non-Eventcast,
Joyce
and
her
colleague
Scott
Clasen
discussed
all
things
cash
flow
with
host
Jared
Correia.
Here
are
three
ways
the
panelists
have
witnessed
miraculous
financial
wins
at
small
law
firms.
Overcoming
Intertia
For
some
firms,
creating
a
cash
flow
miracle
can
be
as
simple
as
following
up
and
having
the
awkward
interaction
with
clients
who
are
in
arrears.
Automated
systems
will
help
with
this
process.
As
Jared
notes,
the
returns
can
be
well
into
the
six-figures.
Embracing
the
Pre-Auth
…
Of
course,
the
better
solution
is
to
prevent
clients
from
going
into
arrears
in
the
first
place.
Enter
the
engagement
agreement,
complete
with
a
pre-authorization
and
payments
timetable.
As
Scott
notes,
the
cash
flow
benefits
from
this
type
of
arrangement
go
beyond
simply
collecting
what
you’re
owed.
…
And
Accepting
the
Processing
Fee
Another
big
blocker
to
a
pre-authorization
agreement?
The
3%
processing
fee.
Here,
Joyce
explains
why
the
fee
is
worth
it
—
and
why
this
is
not
a
difficult
decision.
Ready
for
a
2025
miracle
at
your
firm?
Listen
to
the
full
discussion
here.