In September, the private equity firm Lightyear Capital LLC, through a newly formed company called ProfitSolv, made two notable acquisitions of legal technology companies: Rocket Matter, the cloud-based practice management company, and TimeSolv, a provider of cloud-based legal billing and timekeeping software.
In acquiring Rocket Matter, ProfitSolv also got the payment processing company LexCharge, which Rocket Matter had acquired last February. And now comes news of the first publicly announced byproduct of those acquisitions, the integration of LexCharge e-payments into TimeSolv.
The integration means that TimeSolv users will now have a consolidated experience for time capture, billing, invoicing and payment collection, the company says.
“During this challenging time when the pandemic has changed the way businesses operate, the need for remote, contactless capabilities is greater than ever,” said TimeSolv CEO Raza Hasan. “Firms that accept e-checks and credit cards get paid sooner and collect a higher percentage of their billable work.”
This news follows the news I reported here in September that ASG LegalTech, the company that owns cloud practice management platforms PracticePanther, Bill4Time and MerusCase, had acquired Headnote, the online payments platform that provides e-payments and accounts-receivable management for law firms.
Similarly in that acquisition, ASG LegalTech immediately rolled out an integration of Headnote into PracticePanther and said it planned to do the same with its other practice management products Bill4Time and MerusCase.
These moves are consistent with the findings of the recent Clio Legal Trends Report, which said that clients in the time of coronavirus increasingly want the ability to pay invoices online and that firms that offer e-payments are more profitable than those that do not.