Transactional law is an umbrella term that encompasses the practice of law as it relates to money, commerce, and business. Focus areas include but are certainly not limited to providing legal services to individuals, startups, and small businesses through contract drafting, operating and shareholder agreements, corporation formation, policy design, navigation of compliance issues, or even real-estate acquisitions. Transactional attorneys can also help with employee contracts, estate planning, tax filings, and business succession planning–including preparing wills, powers of attorney, and other estate planning documents. For example, if a prospective client wanted to purchase of a large amount of commercial real estate and leave it for a family member to administer, it would make sense to retain the services of a transactional attorney, as that case would represent several overlapping focus areas that are all transactional.
Transactional attorneys are largely relationship-focused. A client that experiences a successful outcome in one case could present other needs that draw on other practice areas. Transactional attorneys need to be experts in regulatory research, or “due diligence.” While it is certainly possible to succeed in solo practice as a transactional attorney, forming an LLP would make more sense. Hiring for knowledge gaps and forming a robust team of paralegals and dedicated researchers will become crucial as the focus areas of transactional law are so incredibly broad. Since client needs change over time, and sometimes spill over into other focus areas transactional attorneys often consider goals and time horizons. Transactional law practices open their firms in proximity to their clients or where they think their client base will grow. Firms operate using on premise software or software-as-a-service (SaaS) to record billable hours, manage client files, record accounting, handle billing and send invoices for transactional law payments.
When it comes to your transactional law billing needs, Payment Integrator has you covered. Transactional law practices can apply our industry-leading payment processing solutions to existing electronic billing systems or IOLTA (trust) accounts. Our hosted payment page (HPP) is perfect for generating live payment links to accompany invoices so that payments can be made immediately. With our frictionless integration, client payments can be made automatically with credit cards or through E-Check and ACH technologies and post to client e-billing statements. Payment Integrator also accepts all major credit cards, debit cards, and enables the use of e-wallets such as Apple Pay and Google Pay. All of our transactional law payment acceptance methods are secure, P2PE, tokenized, and PCI-compliant.
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