Law Firm Revenues Increase in Q1 of 2016
After serving as the preferred payment solution for lawyers and law firms for more than a decade, we at LawPay have seen firsthand how accepting credit cards has helped our clients shorten collection cycles and improve their bottom lines. Interestingly, Citi Private Bank recently noted a similar trend in an independent survey.
The group’s survey revealed a significant increase in law firm revenue in the first quarter of the year thanks in large part to a shortening of collection cycles, increased billings, and an increase in demand for legal services. Specifically, survey results showed first quarter gains of 5.8% over the same quarter in 2015. This marked the largest first quarter growth in the legal industry since 2008.
The report stated that there was a 3.2% increase in billing rates in the first quarter of 2016, along with a 1.5% shortening of collection cycles. Additionally, demand for attorneys in the first quarter increased by 1.8% compared to the same time frame in 2015.
While noting impressive revenue gains, the Citi survey also mentioned that many firms reported plans to invest heavily in improving in-house technology to defend against increasing security-related threats. At LawPay, security is our top priority and we’re proud to say that we’ve got our professional partners covered. Our system sets the standard for PCI compliance and Internet security, allowing you to focus your attention on running and growing your firm while we make sure that your payments are handled safely and securely.
LawPay is proud to be your partner in growth and security, and we make it our business to see that you get paid quickly and easily. If you have any questions about increasing growth or improving security in your firm, we’re here to help.
Read more about the results of Citi’s survey by clicking here.