09/18/2023
Credit-challenged and underbanked consumers can't afford attorneys. This makes it difficult for millions of Americans to afford basic necessities, let alone legal representation.
According to a 2019 report by the American Bar Association...
- 61% of Americans cannot afford an unexpected $1,000 expense. People who need legal help are simply priced out of the market.
- 81% of consumers expect to be offered payment terms by their attorney. D2C and BNPL solutions trying to enter the market do not solve the problem.
- 50% of consumers are more likely to hire an attorney who offers payment options. Americans spend $50B on consumer legal services annually (not including personal injury). That's just the current spending. If more people had access to viable financing, spending would increase.
Partnering with OpenWallet is a win-win for both you and your clients. You can expand your client base by making legal services more accessible to those who need them the most, all while putting more money back into your pocket. 💲 ✔
