Client Connection - Law Firm Accounts Receivable Management

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Keeping the Focus on A/R
in the Second Quarter

Based on over 20 years of experience of accounts receivable management for the legal profession, we know that it is critical that law firms institute regular, steady, professional follow-up of unpaid bills to secure dates of when payment can be expected. This will help guide future follow-up to increase timely payments and decrease ageing, uncollectable receivables.

As you keep your focus on A/R, consider these two questions:

We have policies and procedures for our attorneys to follow. Why aren't they working as well as we'd hoped?

This is a difficult dilemma for many law firms. While your firm's financial managers want to have strong black-and-white procedures that are common in most businesses, they are often challenged because there are so many complicated transactions and relationships that do not lend themselves to black-and-white procedures. All law firms should have written procedures in place concerning A/R management, and communicate their expectations on collections to the attorneys. However, the procedures need to be workable, and for those receivables that must have exceptions, these exceptions should be monitored closely and not be seen as a way to avoid firm collection policies and rules. Giving too much individual autonomy to the attorneys is often the root of a firm's A/R problems.

How can we best overcome the backlog of our older, difficult A/R?

These receivables must be actively pursued until they are paid or determined to be uncollectable. But lawyers should not delude themselves into thinking that they are going to be paid without effort on the part of the firm. There must be dedicated, consistent efforts, with status reports going to the leadership of the firmto ensure progress is being made. Typically, firms focused their efforts on those clients that pay timely and avoid working with older accounts because they take time and are often not pleasant to deal with. Consistent follow-up efforts are the key to making progress with these types of accounts. Law firm are making a big Our 20th Anniversarymistake if they think these types of receivables will be paid without working closely with clients and letting clients know their account is being monitored.

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.

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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