“You can lease this car for 3 years for $12,000. Cash or check please.”
Of course that would never happen.
Car brands know that people think of big purchases in terms of monthly payments, not total costs up front. They assume that customers will be financing their car – so much so that they advertise in terms of payments, not larger sticker prices. Forward thinking law firms are starting to do the same.
The truth is that the vast majority of consumers start financing purchases over $3,000, yet while most attorneys fees start at $5,000, very few attorneys offer financing to their clients.
But that’s changing.
When you sell payments over price, you completely remove the sting from your retainer quote. You no longer have to watch as clients walk out the door because they don’t have thousands of dollars sitting in the bank to pay you up front.
It’s a win-win scenario: you get paid your retainer fees 100% up front and in full and the client gets to pay a low monthly fee to afford your services.
The truth is that most people, regardless of their financial situation, would prefer to pay monthly rather than all at once.
This is because people value future money less than current money, and the thought of spending a little bit more over time in the future is easier than a HUGE amount of money right now.
If you’re an attorney reading this article, consider this – when was the last time you decided to pay monthly for a subscription rather than the full amount annually (even if meant saving money 10%).
When is the last time you paid cash 100% up front for a car or any major purchase over $3,000?
People prefer payments, whether they make a lot of money or an average income.
Sophisticated investors leverage the power of debt all the time, knowing they can do more with liquid capital than they can with less debt on their balance sheet.
Offering financing is a powerful way for an attorney to leverage financial technology to grow their revenue. When attorneys sell payments instead prices, they experience higher conversion, client satisfaction, and better cash flow.
Get out of the collections game and get back to practicing law.
The process for offering financing is simple, fast, and easy. When you sign up with Retain Finance, we build you a custom landing page for your law firm with our multi-lender loan application on it. Any time you quote your retainer costs, simply send your custom landing page to your client.
After a 30 second application with a soft credit pull (no impact to their credit), your client can receive pre-qualification offers and see how much it would be to pay your fees monthly, rather than all up front.
The best part? You get paid 100% up front and in full and the client gets an affordable, low monthly payment. Everyone wins.