Episode 118 – How To Beat Out Local Competitors?

Have you ever had potential clients who didn’t retain your services just because they couldn’t afford your fee? Well then listen to this podcast below because I have really exciting offer for you today.

 

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If you have ever had potential clients that said, “I can’t afford your fee” or, “I am going to call someone else and try to get a lower rate” or, “Bob Smith down the street said he could do it for half of what you are charging” and you had to turn these people away, I have recently found a way for you not to have to do that and still get your full retainer and get the whole thing within 72 hours. I have recently hooked up with a lender that works as an arm of a hedge fund, name is Jason Brown of iQualify Lending. I have an interview that’s going to be coming out in a couple of days with Jason, it’s a 22-minute phone interview where I ask him all the questions that you are probably likely to ask him, but instead of making me wait for that, I wanted to bring this to your attention right away.

Because of my affiliation with Jason, if you call him and you want to have him fund some of your potential clients so you could offer them payment plans, I’m going to give you a special code at the end of this podcast that will save a thousand bucks if you sign up with him because of his relationship with me. What Jason’s company, iQualify Lending does is as a potential client talks to you, right there and then on the phone, you could let the potential client know it’s possible that I get you financing on your case. Instead of you having to pay a lump of money upfront, we might be able to get you payments of $250 a month, maybe even 200 a month. You have to have okay credit, you have to have a job and you can’t be destitute but if you have those basic things, there is a good chance that we may be able to you funded.

Let’s go through that application right now and there is a phone app we can do this application or website or they can go onto your website and do this application. Jason tells me it takes literally about two minutes. You will get your funding decision right then and there, so if the client qualifies, you can go ahead and do your consult and get them to retain you. By the way, this financing is exclusive to you if they do the application with you, so they can’t take this financing, this money, and go to Joe Jones down the street and go with him instead. So you can let potential clients know that too. What happens is the financing company, once they approve the person, again it happens right away; they will fund your retainer.

They take a 10% fee, so let’s say your normal retainer is $3,000, you will net $2,700 in your trust account within 72 hours – the whole thing. So you can represent someone and not have to worry about them stop paying because there is no recourse to you. The lender, themselves, iQualify Lending, will bug them for the payments if they don’t pay and this is good because it separates you in the person’s mind from the money source. If they have problems paying, you don’t have to try to withdraw from the case and beg the judge to do it, you don’t have to resent the person, yet still have to represent them, you don’t have to call them up and say, “Hey, I need a payment from you in order to continue”, you don’t have to do any of that. It’s fantastic and it lowers the bar tremendously on potential clients working with you.

Instead of saying, “I’m going to need $2,000 to get your case started”, you can say to them, “I can get your case started for less than $500. I can get you started possibly for even $200 a month in payments”. Now, that’s so low a bar that the most lowball, cheap, stupid attorneys in your practice areas, in your neighborhood, that are ruining the market cannot compete with that because you’ll be able to go even lower, yet get your full retainer. One other suggestion is, with this 10% fee, do not look at it as a loss. You are getting your whole retainer essentially upfront within 72 hours. Since the payments are not going to change much with a 10% difference, if you really want to add the 10% back in, so let’s say you charged $3000, you don’t want to net $2700, charge the person $3350 or $3300. You will net about $3,000.

The person is not going to care, their monthly payment will go from $245 to $252 a month, they are not even going to feel it and yet you’ll still get all your money. So, I highly encourage you to look into this. This goes for criminal and DUI misdemeanors, possibly felonies. Jason and I are in talks about PI funding divorce, bankruptcy is probably out unless it’s family members but that one probably is out but immigration, real estates, and disability etc., all these may be in. So, this is a fantastic way to help people off payment plans with you, to stabilize your cash flow, to get more clients than you otherwise would get without having to turn them away. The last thing, you’ll see in the interview, the two most insightful things I got from it is, one, don’t offer payment plans to people that are truly broke because they are going to be bad clients, they can’t pay you, and you know that already.

 

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