In this episode of Your Practice Mastered Podcast, we have an enlightening conversation with Emery Wager, the founder of Confido. Emery’s journey from serving as an infantry officer in the Marine Corps to helping law firms optimize their collections process is both fascinating and inspiring.
From Marine to Entrepreneur
Emery shares his background as a mechanical engineer before joining the military, where he served as an executive officer (XO). After his service, he worked for a payments company, where he gained valuable experience in building integrated, optimized checkout workflows. This expertise, combined with his role in managing outside counsel relationships, led him to identify a significant gap in the legal industry’s billing and collections practices.
Boosting Law Firm Profitability
One of the key insights Emery shares is the importance of implementing a “collect early” billing model. By adopting flat fee structures or evergreen retainer models, law firms can significantly improve their collection rates and, consequently, their profitability. Emery cites an example of a large firm that transitioned to this model and discovered an additional million dollars in their bank account.
Leadership Lessons from the Military
Drawing from his military experience, Emery emphasizes the concept of “going to the point of friction.” Just as a battalion commander needs to be at the critical moment of breaching enemy defenses, law firm leaders must identify and address the points of friction in their business. Whether it’s tackling inefficiencies in various departments or addressing low collection rates, leaders must be willing to dive into the details and lead from the front lines.
The Future of Legal Billing
Emery also shares his excitement about Confido’s latest pilot project, a disbursements engine designed to help plaintiff firms operating on contingency better manage and digitize the process of paying out settlements and awards to clients. This innovative solution has the potential to revolutionize the way contingency-based firms handle their finances.
Conclusion
Step into a groundbreaking journey next week alongside MPS and Richard James, tailored exclusively for law firm owners like yourself. Discover the clandestine keys to elevate success, amplify income, and reclaim the freedom to prioritize life’s genuine joys.
Delve deeper into the world of MPS and Richard James at www.YourPracticeMastered.com.
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AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!! You can check that out and subscribe to YouTube.
If you want to know more about Emery Wager, you may reach out to him at:
- Website: https://confidolegal.com/
- One Page Downloadable: https://confidolegal.com/financiallylegal/the-collections-optimizer
