You Hear Only What You Want to Hear 2020 has been a rough year, unlike anything we have ever experienced. We would venture to say that no firm has planned adequately for such hard times. Even more challenging, if your firm has not done a good job managing its A/R in good times, how can you expect to manage them … Read More
When Managing Receivables, Beware of Paying Lip Service
Sometimes You Hear Only What You Want to Hear There is no doubt that firms need and want to collect their receivables timely and prevent receivables ageing too far – considering the economic and cash flow challenges they face. Although firms should ramp up their collection efforts as soon as possible to help improve their revenue, how they handle the … Read More
Jump In! The Water’s Fine!
There Is No Better Time to Make a Splash in Getting Paid Your firm needs to make it clear to attorneys and staff handling accounts receivable efforts what your A/R management expectations are; this includes details on how they are performing their work. We know everything is not black and white and there needs to be a fair amount of … Read More
Don’t Underestimate the Need for a Strong, Hands-on Accounts Receivable Management Approach
Just as law firms are now adjusting how they position themselves in the legal market, they also must ensure they are correctly managing receivables in today’s ever-changing economic environment. Firms may need to embrace new strategies to ensure they get paid for their services. Therefore, start asking the questions that will help you determine if your firm is making the … Read More
Learning to Get Paid While Living in a Time of Broken Promises
Too many law firms continue to think collections is an easy process. All you have to do is remind clients to pay and they will. For firms that thought they had a good A/R management system in place, in a matter of weeks, so much has changed, and it has compelled them to re-think their strategy, presuming there was one. … Read More
Go Ahead and Say It! This Is Really a Hard Time to Ask About Getting Paid
Now — don’t you feel better that you said it? Let’s face it: attorneys’ expertise is providing quality and timely service to their clients, not asking them to pay their bills. Many attorneys are not good at it, they do not like to do it and they don’t want to do it. So why should we expect changes overnight? Yes, … Read More
Managing Receivables: Pursue Them or Accrue Them
Moving the Ball Forward During Unpredictable Economic Times Law firm clients may take longer to pay their legal bills because of the recent economic slide Although you may be already seeing changes in payment patterns, these new delays can trigger and magnify a growth trend in your firm’s ageing accounts receivable — unless you take precautions to manage these payment … Read More
It’s a Rough Road Ahead — Are You Prepared for the Ride?
Managing Accounts Receivable in an Ever-Changing, Spiraling Economy No one has to tell you that 2020 is going to be a tough year for every law firm. There will be numerous challenges, and collecting your accounts receivable will certainly be a priority. With the Coronavirus pandemic now squarely affecting law firms being paid for their services, accounts receivable management will … Read More