We at Rocket Matter are excited to announce our new Evergreen Retainer feature.
Here's the problem this new feature solves: law firm are feeling an economic pinch on all sides, and declining realization rates are a big part of the problem.
Lawyers used to collect more than 90% of what they billed. That percentage is now in the mid-to-low eighties. Evergreen Retainers are a powerful tool for attorneys to minimize this economic risk.
Evergreen Retainers, for those unfamiliar with the concept, allow for law firm clients to keep a minimum retainer balance.
The client first pays an initial retainer deposit and then replenishes that amount when the account balance dips below a mutually agreed upon amount.
This functionality helps law firms increase the collection rates of their billable activity. The chance of having to write off work that never gets paid decreases substantially, dramatically improving the financial position of the law firm.
We worked closely with hourly billing law firm clients like family lawyers and business litigators to define the requirements for this feature.
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