Client Connection - Law Firm Accounts Receivable Management

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What's That Elephant in the Room?

It's your firm's ageing accounts receivable, siting there doing nothing. The elephant typically starts to be more noticeable around now -- in the second and third quarter of the year when ageing receivables remain uncollected -- and the firm starts to closely monitor where it is in revenue as compared to where it wants to be by the end of the year. Time starts to creep up on every firm, but the fact remains: that elephant needs to be turned into a cash cow. And there is no better time than halfway through the year to start. Yes -- everyone is busy, but so are your clients, who are not making it a priority to get your bills paid.

Take a step back and determine what changes need to be made considering your firm's size, culture, practice areas and management objectives. Here are three areas to work on to light a fire under your firm to improve collection efforts and A/R management:

  • Analyze what is going on in your firm. Have we relied too much on clients paying at their own discretion? Does the make-up and culture of our firm permit attorneys to go it alone in how they manage their receivables? Have we built an administrative A/R management infrastructure without measuring how well it is accomplishing payments?
  • Have an honest conversation with the leadership of the firm, explaining why the firm needs to do a better job managing its A/R. Recognize that you cannot entirely revamp your collection practices overnight -- but you can start making the changes that are needed now and over the next six months.
  • Start having meaningful conversations about what needs to be done. Let your attorneys know what the firm is trying to accomplish and show them best practices and strategies that will help to move collections forward. Tell them the firm wants to take decisive action early in the ageing process to help combat the ageing A/R that does not get paid. Help them understand that they need to collect the A/R themselves, but also to ask for assistance sooner rather than later from the firm's A/R management team.

Our 20th AnniversaryIt is not too late to kick the elephant out of the room -- but it is waiting on you to make the first move.

Client Connection proudly celebrates its 20th anniversary. Since 1995, we have continued to grow to meet the changing needs of our clients.

PROVIDING SOLUTIONS TO MANAGE YOUR ACCOUNTS RECEIVABLE

Total Accounts Receivable Management SolutionsTotal Accounts Receivable Management Solutions -- More and more, lawyers and law firm managers are recognizing that, by themselves, they cannot effectively collect accounts receivable, prevent them from ageing and devise ways to routinely collect older, difficult receivables. They need the assistance of trained professionals to see to it that they get as much of the money that is owed to them as possible. They are turning to the professionals at Client Connection for a total accounts receivable management solution. This includes:

  • An analysis of each firm's unique accounts receivable issues and concerns – and solutions, taking into account its size, management objectives, practice and client base.
  • A full array of best practices in accounts receivable management for the legal profession to help each of our clients develop workable solutions to receivable issues, thus preventing problems from recurring.
  • A team of experienced professionals who have the seniority, background and skills needed to help resolve law practice collection problems without jeopardizing client/attorney relationships.
  • A method of working closely with the leadership of the firm who are responsible for overseeing collection efforts.
  • A cost-efficient and results-oriented approach for all work performed.
  • A flexible style that allows you to decide how, based on your needs, it would be most effective for us to work with you.

We want to make it clear that we are not a collection agency. Like them, our goal is to ensure that our clients get paid the money that is owed to them. However, our focus is just as much on managing as on collecting receivables, and we place a premium on strengthening the client relationship.

If your firm has been struggling to manage its accounts receivable, don't keep making the same mistakes you have been making for years. Turn, as law firms have been doing for 20 years, to the accounts receivable management professionals at Client Connection for concrete solutions to your A/R challenges.


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