LawPay says it has upgraded its payment solution for legal professionals.
The Austin-based company announced Monday (Feb. 27) the launch of LawPay Pro, a legal billing software solution that includes time-tracking, invoicing and payment operations.
“We built this easy-to-use solution for the lawyers who do not yet require a full practice management solution for their law firms, but need to run their businesses like the professionals that they are,” said Arman Samani, CPO of AffiniPay, LawPay’s parent company.
“With LawPay Pro, legal professionals can now invoice, track time and receive payments seamlessly while maintaining compliance with legal regulations.”
According to the release, LawPay Pro — available starting in April — will include LawPay’s existing features, as well as new components to help firms manage their billing, invoicing, trust reconciliation and time-tracking.
LawPay has rolled out a number of new offerings in the last several months. In April of last year, it debuted a buy now, pay later (BNPL) service called ClientCredit, which lets law firms obtain full payment for services at the time of delivery while clients pay for those services over time.
Also in 2022, LawPay integrated with case management platform Assembly Software to help law firms streamline collections and billing.
The company’s latest solution comes as research by PYMNTS shows dissatisfaction in legacy billing solutions across a number of industries. For example, manual reconciliation especially is a painful issue in the healthcare industry, cited by 57.6% of finance executives as a top issue.
“The legacy approach is causing migraines in the utilities industry also, where 41.8% of bill pay leaders would prefer a less-painful solution than manually reconciling their customers’ transactional information,” PYMNTS wrote last month.
And supporting research shows that 30% of billing and collections executives are not fully satisfied with their organizations’ bill payments ecosystem overall, and more than two-thirds expect their businesses to incorporate innovations to reduce payment headaches, such as one-stop-shop solutions, during 2023.
This sentiment is being driven in part by complaints from bill-payers, who bemoan a lack of payment options available to them, as well as confusing or nonexistent interface features.
Luckily, a number of emerging innovations in the bill payment sector address these payment pain points — offering more personalized and efficient experiences while doing away with internal accounting inefficiencies and headaches.
Collectively, 74% of billing executives have shown interest in offering their customers a one-stop bill payment solution portal, with added convenience being the chief driver of their interest.