While the primary job of any law firm is practicing law, many firms are finding they also need to allocate resources to debt collection. Rather than turning to a debt collection agency or wasting a lot of firm resources with debt collection, use attorney billing software. A few smart accounting policies to increase payment rates can reduce the number of clients in a collection status.
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
Having Problems Collecting From Clients? Consider Turning To Attorney Billing Software For Help
1. Having Problems Collecting
From Clients? Consider
Turning To Attorney Billing
Software For Help
Presented by:
LexisNexis
http://www.lexisnexis.com
2. Increase Payment Rates With
Attorney Billing Software
n While the primary job of any law firm is practicing law,
many firms are finding they also need to allocate
resources to debt collection.
n Rather than turning to a debt collection agency or
wasting a lot of firm resources with debt collection, use
attorney billing software.
n A few smart accounting policies to increase payment
rates can reduce the number of clients in a collection
status.
3. Effective Billing Policies
Are The First Step
n If your invoices are confusing, clients won’t know what to
pay.
n Invoices from your law firm billing software should be
clean, without legal jargon and uniform, regardless of
which attorney worked on the case.
n Services should be itemized, even those that were
performed for free. This helps remind the client of the
value they’ve received.
4. Audits Help Ensure
Accuracy
n You should audit random attorney billing software
invoices frequently to ensure that they’re correct.
n Clients will have little patience for incorrect invoices
and likely will ignore them rather than calling to correct
your mistake.
n When you audit the invoices, check numbers, but also
be on lookout for typos or other mistakes that can make
the invoice appear unprofessional.
5. Stay On Top
Of Unpaid Invoices
n If the client has an outstanding
balance, follow up with monthly
invoices to remind them until it is paid.
n If a client hasn’t paid an invoice, it’s
likely that the invoice simply got
buried in a stack of paperwork.
n Polite, firm and timely reminders will
usually take care of any billing issues.
6. Communication Is Key
n If months have gone by and the
client still hasn’t paid their
invoice or contacted the firm,
don’t just continue to send them.
n The client may be upset about
something or having money problems.
n Calling to understand why the invoice hasn’t been paid can
help work with the client to come up with a payment
schedule that works for you both.
7. Remain Flexible
With Payments
n Debt collection isn’t black and white. There are a lot of
options between constantly harassing a client and writing
the debt off at a loss.
n Some firms are uneasy about providing clients with credit
since the liability can be too high.
n Rather than offering a payment plan, propose automatic
credit card payments through the attorney billing software.
n These payments are applied automatically so the client
doesn’t have to do anything to ensure the payment is made.
8. Passing Debt To Credit
Agencies
n Some firms prefer to partner with a credit agency to
assume the debt.
n This partnership can be easily administered through the
law firm billing software.
n Whenever you do send out an invoice, don’t forget to
include a short note thanking them for the business.
9. Attorney Billing Software
Simplifies The Payment Process
n Attorney billing software
simplifies the entire process.
n Professionally created
invoices, combined with
collection polices that make
sense can help improve payment rates and maintain
positive client relationships.
10. About LexisNexis
n LexisNexis is a leading provider of content-
enabled workflow solutions designed specifically
for professionals in the legal, risk management,
corporate, government, law enforcement,
accounting and academic markets.
n The company can customize its products to the
needs of the modern law firm and offers unique
features that generic software solutions cannot.