Technology

In 2020, Nothing Is Certain But Chaos And Client Billing -- There's Some Good News About The Latter

Headnote acquisition paves the way for fully integrated solution from ASGLegalTech.

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The 2020 news cycle isn’t letting up, but somewhere between bonus wars and a constitutional crisis, we would be remiss if we didn’t highlight the moves in the legal technology market. It may be hard to move the media needle with a legal tech acquisition at this point, but consider those big bonuses going around and remember that those only happen because someone got out there and got the client to pay in full and on time.

So when ASG LegalTech CEO Soumya Nettimi considered the next acquisition for a growing platform that already includes PracticePanther, Bill4Time, and MerusCase, adding a payments platform seemed like the logical next step. As she told Bob Ambrogi:

In our LawNext interview, Nettimi said that two factors drove her company to want to acquire a payments platform. One is that their philosophy is to serve as a one-stop shop so customers do not have to find different products for the various functions and tasks they need to do to manage their firms.

The other is that they try to listen to their customers about what they need, and in this year of the pandemic, “where getting paid is synonymous with staying in business for many of our firms,” customers wanted a solution that would help them increase both collection rates and speed of collection.

It’s impossible to overstate the existential crisis of getting paid at this time.

So when Nettimi surveyed the landscape for a payments platform that would give the ASG LegalTech family of products the edge in this arena, Headnote jumped out. Probably because it has the advantage of being designed by an actual attorney who knows what lawyers need. Armed with that experience, Headnote CEO Sarah Schaaf created a modern and secure payment technology that’s helped law firms reduce payment processing fees by 35 percent and get paid 70 percent faster than the industry average of 94 days. 

Schaaf will carry on at ASG LegalTech as General Manager of Payments as the company prepares to launch a fully integrated, all-in-one payment solution, a reimagined and optimized version of PantherPayments. Current Headnote clients can rest assured that the standalone product will remain available, though if you have an opportunity to move to an integrated solution, it’s not clear why you wouldn’t jump at it. It’s another victory for the “one-pane” design concept, allowing users to perform all the tasks they logically need to without jumping between programs.

The new PantherPayments offering will provide:

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  • Full compliance with IOLTA, ABA, and lawyers’ online payment rules in all 50 states, as well as with payment card industry standards.
  • Low, simple and transparent pricing of 2.8% for all credit cards and 1% for same-day e-check payments, with no monthly membership fees or variable rates.
  • Fast payments, with clients paying invoices up to 70% faster than average and with more payment options than other processors.
  • Integration with the PracticePanther platform, eliminating the need for dealing with multiple systems or vendors and providing a single source for support questions.
  • Strong security, with SHA-256 data encryption, cloud-based hosting, and tokenized payments.

Congratulations to everyone involved in this deal. And now we return you all to the raging chaos of 2020 secure in the knowledge that at least you’re going to get paid on time.

Exclusive: ASG LegalTech Acquires Payments Platform Headnote; We Interview the Two Companies’ CEOs [LawSites]

HeadshotJoe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.

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