Rocket Matter, the first-ever cloud-based practice management software for lawyers, continues to pioneer legal tech with the announcement of their Atlas 2.0 release. The leading legal software company enables law firms to set up automated online recurring billing for their clients, a set-and-forget technology that provides payment plans and regular monthly payments. More information can be found here.
With Atlas 2.0, Rocket Matter has also overhauled its famously user-friendly UI for speed improvements, eliminating 80% of the previous page load times. Another major feature of Atlas 2.0 is the addition of phases to their matter templates, allowing law firms to set up “partial templates” for matters already in progress.
Here, we take a look at the first feature: Automated online payment plans. We’ll explore the other features of Atlas 2.0 in subsequent blog posts.
Online Payment Plans
One of the biggest pain points for law firms is collecting money. “On average, small law firms collect only 71% of what they bill, so a frictionless, effortless automated billing system can dramatically drive up cash collections for a law firm,” says Larry Port, CEO of Rocket Matter.
WHY IT’S A KILLER FEATURE: A payment plan is one of the best ways to collect revenues. With payment plans, lawyers can set an amount for an invoice and charge clients on a monthly basis until the balance is paid off. This is great for situations where clients cannot pay large bills upfront but can pay in increments, which is commonly the case with Immigration attorneys, Criminal Defense attorneys, or any litigators who generate large bills.
HOW IT WORKS: In Atlas 2.0, the law firm schedules out the payment plan in a few quick steps. Attorneys simply put their client’s credit card or ACH routing information on file, and the balance is automatically paid gradually over time. In other words, the client is automatically billed on a monthly basis and the payment goes through without your having to do a thing. This increases the likelihood that the law firm will be paid in full.
In the image below, the law firm is splitting up a $5,000 payment in 12 equal monthly payments. Options exist to create the plan with an up-front payment and to specify the amount of each payment as opposed to the number of payments. The law firm can also add payment processing information on this screen: Credit card or e-check (electronic banking). Payment processing is provided by LexCharge.
Once the payment plan is in place, the user sees a confirmation screen to verify that everything is setup correctly. Rocket Matter automatically divides the $5000 into 12 equal payments of $416.
Once the law firm sets this plan up, they need to do nothing else. The system will automatically bill the client on the date shown.
Full disclosure: Rocket Matter is the parent company of Legal Productivity, but that doesn’t mean that it’s any less awesome.