A new product designed to address a perennial issue for law firms – the loss of profits due to failure to track and invoice all reimbursable client expenses – has been unveiled by AffiniPay. The new solution, a first in the market, is the result of a collaboration between LawPay and MyCase, two subsidiaries of AffiniPay. It aims to provide smaller firms with a comprehensive tool that directly links a business credit card for law firms with software that funnels client-related expenses directly into the relevant cases and invoices on the MyCase law practice management platform. Read the original article.
This cutting-edge service offers above and beyond just client expenditure tracking. Dubbed MyCase Smart Spend, it affords law firms invaluable insights into their company-wide spending in real-time, while simultaneously offering a safeguard against employee fraud that could arise from shared credit cards, according to the companies.
Upon the initial launch of MyCase Smart Spend, law firms will receive a LawPay-branded Visa credit card, intended for use by their attorneys and staff. All spending on the card will be monitored via a dashboard where the firm can keep track of all the business and client expenditures. In addition, within MyCase, the client expenses will be directly traced to their corresponding matter, encapsulating the nature and category of the expense and any linked receipts. For a deeper understanding of MyCase, readers can visit the LawNext Legal Technology Directory.
The release of this solution offers further evidence of AffiniPay’s commitment to tight integration of financial technology (fintech) and legal technology (legaltech) for law firms. The company’s CEO, Dru Armstrong, has discussed the desire for firms to view all their financial and practice data through a “single pane of glass”. In 2022, AffiniPay acquired MyCase, along with the practice management products CASEPeer for personal injury firms, Docketwise for immigration practices, and Woodpecker for document automation.
“This is our latest investment in embedded fintech that has a real impact on the financial well-being of our customers,” said Armstrong. Lawyers lose money every year on reimbursable case costs. “This new offering will save firms time and improve their bottom line,” she added.
During a recent briefing, Armstrong revealed that MyCase customers typically have an average of around $5,000 a month in reimbursable expenses and often live in “significant fear” that they will not be reimbursed for all of them. She notes that “Every dollar that they don’t get back is a dollar of lost profit to the firm.” Those interested in Armstrong’s views on the convergence of fintech and legaltech can refer to a recent interview on LawNext: On LawNext: AffiniPay CEO Dru Armstrong on the Intersection of Fintech, Legal Tech and AI.
Exciting news for MyCase customers – MyCase Smart Spend will be released in beta in the second quarter of this year with a general release scheduled for the third quarter. All MyCase customers will qualify for the product, regardless of subscription tier, subject to credit approval.