SAN FRANCISCO, April 16, 2015 /PRNewswire/ -- Fundbox, the leading cash flow optimization tool announced today at the American Bar Association (ABA) Conference its partnership with Clio, the most widely used cloud-based legal practice management platform. Through the partnership, Clio and Fundbox will help address one of the biggest pain points for legal firms: cash flow.
According to Lexis Nexis, the average law firm waits 83 days to get paid after an invoice has been issued. Firms using Clio currently issue over $1 billion in invoices annually and at any given time have at least $30 million in accounts receivable. By partnering with Clio, Fundbox will give firms using Clio's cloud-based practice management platform the ability to instantly clear outstanding invoices for billed services and render cash flow gaps obsolete.
"The time it takes to get paid is a huge issue among small and medium-sized law firms. Given the rich data that sits in the practice management system, we are able to leverage our technology to quickly put the firm back in control of their cash flow," said Eyal Shinar, chief executive officer of Fundbox. "This partnership allows Fundbox to extend its reach to a much larger network of law firms – an industry sector known for long invoice net terms - who will greatly benefit from immediate access to working capital."
The integration with Fundbox allows Clio's customers to automatically establish a line of credit based on the firm's health and invoice history without disruption to existing workflow.
"Many attorneys, particularly those in solo and small firms, can be hit hard by the cashflow gap between issuing an invoice and collecting payment," said Jack Newton, Clio CEO and Co-Founder. "As the world's leading cloud-based legal practice management solution, we're always on the lookout for elegant solutions to our customers' business concerns. Fundbox is a tool that can help our customers control their cash flow."
Fundbox leverages deep data analytics to accelerate cash flow and clear invoices for small business. The Fundbox risk engine taps into numerous data signals within its network to assess customers and invoices for risk automatically and instantly, allowing small businesses to choose which invoices to clear with a single click. Technology and finance industry veterans Eyal Shinar, Yuval Ariav and Tomer Michaeli founded Fundbox in 2012. Leading Silicon Valley entrepreneurs, finance veterans, and venture capitalists, including General Catalyst Partners, Khosla Ventures, SV Angels, and former CitiGroup CEO Vikram Pandit, back the company. For more information, please visit www.fundbox.com.
Clio is the most comprehensive cloud-based practice management platform for the legal industry. With the help of the cloud, Clio eases the process of time tracking, billing, administration, and collaboration for law firms of all sizes. Based in Vancouver, B.C. and launched in 2008, Clio is used by legal professionals in over 50 countries. Clio has raised $27 million from investors including Bessemer Venture Partners. Learn more at www.clio.com. Follow on Twitter @goclio.
JCUTLER media group