Elite, the financial and business management platform for large law firms that Thomson Reuters sold to private equity firm TPG Inc. in 2023, said today that it has acquired Tranch, an invoice automation and payments platform providing invoice management and payment options for law firms and their clients.
Tranch was founded in 2021 by Philip Kelvin, its CEO, and Beau Allison, its CTO. with the goal of modernizing the invoice-to-payment experience for large law firms. It serves firms whose revenue ranges from $50 million to $5 billion in revenue, according to its website.
During 2024, Tranch says, it more than tripled its payment volume with many of the world’s largest law firms, including many who are customers of Elite.
Its payments products include “Pay Now,” which processes payments via a bank transfer managed through FedNow and the Real-Time Payment Network; “Pay by Card,” which includes virtual card terminals for billing teams; and “Pay Later,” which allows law firm clients to spread out their payments over time, providing greater flexibility to clients and immediate cashflow to firms.
Its platform also allows firms to create, send and manage invoices, and includes features such as customizable template, automated reminders, and integrated payment options.
Elite says that its acquisition of Tranch will enhance its ability to augment law firms’ financial and business management processes by delivering elevated, end-to-end visibility and management of revenue cycles to help firms accelerate growth.
“Tranch is an innovative leader that is revolutionizing payment processes for law firms, and we look forward to welcoming Philip, Beau and the entire Tranch team to Elite,” said Mark Dorman, Elite’s CEO.
“By embedding Tranch’s products within our portfolio of SaaS solutions, we will offer our customers greater choice and flexibility in managing their work-to-cash process, which will help law firms reduce payment delays, increase cashflows and, ultimately, boost profitability.”
Bob is a lawyer, veteran legal journalist, and award-winning blogger and podcaster. In 2011, he was named to the inaugural Fastcase 50, honoring “the law’s smartest, most courageous innovators, techies, visionaries and leaders.” Earlier in his career, he was editor-in-chief of several legal publications, including The National Law Journal, and editorial director of ALM’s Litigation Services Division.
Payment processing
Payment processing
Payment processing
Bob Ambrogi is a lawyer and journalist who has been writing and speaking about legal technology and innovation for more than two decades. He writes the award-winning blog LawSites, is a columnist for Above the Law, hosts the podcast about legal innovation, LawNext, and hosts the weekly legal tech journalists’ roundtable, Legaltech Week.
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ABOUT LAW SITES
LawSites is a blog covering legal technology and innovation. It is written by Robert Ambrogi, a lawyer and journalist who has been writing and speaking about legal technology, legal practice and legal ethics for more than two decades.
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