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A typical ache level for legislation corporations is failing to trace and bill all reimbursable consumer bills, leading to losses to agency earnings. A primary-of-its-kind product being unveiled at the moment by AffiniPay, the guardian firm of LawPay and MyCase, goals to unravel that downside for smaller corporations by marrying a enterprise bank card for legislation corporations to software program that instantly channels client-related bills into the related issues and invoices throughout the MyCase legislation observe administration platform.
Along with monitoring consumer spending, the brand new MyCase Good Spend advantages corporations by giving them real-time administration of and insights into their firm-wide spending, whereas additionally offering a safeguard towards worker fraud ensuing from shared bank cards, the corporate says.
Launching initially for MyCase, and later in different AffiniPay merchandise, MyCase Good Spend supplies legislation corporations with a LawPay-branded Visa bank card for his or her attorneys and workers. All spending on the cardboard is tracked to a dashboard the place the agency can monitor all of its enterprise and consumer bills. Spending can be built-in inside MyCase, so consumer bills are instantly tracked to the matter, together with the character and class of the expense and any related receipts.
Study extra about MyCase within the LawNext Legal Technology Directory.
The discharge displays one other step by AffiniPay in direction of its aim of tightly integrating fintech and legaltech for legislation corporations, so corporations can, as CEO Dru Armstrong places it, view all their monetary and observe data by means of a “single pane of glass.” AffiniPay acquired MyCase in 2022, together with the observe administration merchandise CASEPeer for private harm corporations, Docketwise for immigration practices, and Woodpecker for doc automation.
“That is our newest funding in embedded fintech that has an actual influence on the monetary well-being of our prospects,” Armstrong mentioned this week. “Legal professionals lose cash yearly on reimbursable case prices. This new providing will save corporations time and enhance their backside line.”
Throughout a briefing and demonstration earlier this week, Armstrong mentioned that MyCase prospects have a mean of $5,000 a month in reimbursable bills and reside in “important worry” that they won’t get reimbursed for all of them. “Each greenback that they don’t get again is a greenback of misplaced revenue to the agency,” she mentioned.
(For extra on Armstrong’s ideas on the wedding of fintech and legaltech, see my current LawNext interview together with her: On LawNext: AffiniPay CEO Dru Armstrong on the Intersection of Fintech, Legal Tech and AI.)
MyCase Good Spend will likely be launched in beta within the second quarter of this yr after which to common launch within the third quarter. All MyCase prospects will likely be eligible for the product, no matter subscription tier, topic to their credit score approval.
For CASEpeer prospects, Good Spend will likely be out there within the fourth quarter of this yr. A LawPay model of Good Spend will likely be launched early subsequent yr.
In launching this product, MyCase is partnering with the bank card firm Visa and with the card-issuing platform Marqeta. By the Marqeta partnership, Armstrong mentioned, MyCase prospects get entry to real-time card issuing and transaction knowledge and spend controls.
How It Works
Throughout the briefing, Curtis VanderGriendt, principal product supervisor at AffiniPay, demonstrated how the product will work.
For legislation agency staff who’re issued the brand new bank cards, the expertise begins on their cell gadgets, to allow them to rapidly document buy particulars instantly after a transaction.
When a agency worker makes a purchase order utilizing the cardboard, the worker instantly receives a textual content message or e mail exhibiting the transaction quantity and service provider and offering a hyperlink to an internet interface so as to add expense particulars. By following the hyperlink, the worker can add an outline, resembling “submitting charge for John Smith auto accident,” and assign it to an accounting class from a drop-down checklist, resembling “submitting charges.” Utilizing their cellphone, the worker may also add an image or PDF of the receipt.
Whereas including particulars, a toggle button on the display screen lets the worker select to hyperlink the expense to MyCase. If that’s toggled on, the worker then will get the choice to affiliate the expense with a selected consumer and matter. It should then present up within the matter in MyCase and robotically be added to the consumer’s subsequent bill.
From their cellphone, staff can also get full entry to their account data, together with how a lot they’ve spent, their out there credit score, current transactions, and card particulars. Card holders may also entry all of this by means of an internet interface on their desktop computer systems.
The agency manages all of this by means of a Good Spend dashboard. The dashboard lets corporations’ companions or directors monitor all spending in addition to spending by worker or class in actual time. It additionally reveals which bills are linked to MyCase.
From the dashboard, corporations can resolve which staff get playing cards and whether or not to challenge them bodily or digital playing cards. Corporations can set spending limits for workers and prohibit their use of the cardboard to particular classes. The agency can see an summary of all playing cards issued throughout the corporations, together with that are lively, paused or expired. A agency might even challenge a number of playing cards to the identical worker for various functions.
The dashboard is a separate internet expertise from the precise MyCase platform, however accessible by means of customers’ similar MyCase credentials. A toggle change will permit customers to go from MyCase to Good Spend and again once more.
“That is the primary time that we’ve actually introduced collectively the facility of LawPay’s monetary providers with the facility of MyCase and its observe administration capabilities to deal with the expense facet or the accounts payable facet of the legislation observe,” Armstrong mentioned.
Whereas there’s fashionable line of company bank cards resembling Brex and Ramp which have revolutionary options, she mentioned, “they don’t resolve this very particular downside round ensuring these corporations’ and these attorneys’ bills get all the way in which to their bill, and that these invoices get all the way in which to the tip purchasers, and that the purchasers then they’ve a digital solution to pay it.
“For us, this feels actually thrilling, as a result of it’s very a lot closing that loop.”
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