Arrear View Mirror: How to Collect More Money in Your Law Firm

Law firms usually collect money in arrears, ie – we’ve done the work, now kindly pay us.  Most often, that payment is collected via a standard invoicing process.  A bill is sent to the client; then, the firm waits to get paid.  And waits . . . And waits . . . 

 

That’s because the way that attorneys have always managed the process has placed the control of the situation exclusively in the hands of their clients.  The clients can pay when they wish; and, there isn’t necessarily a whole lot of motivation to pay, if the work has already been done, by that point. 

But, there is a better way – automating payments.  And, it can be done in a law firm. 

 

Though, you may need to consider reassessing how you manage your collection process. 

 

So, instead of following that traditional pathway: Have your clients sign a credit card payment authorization, like this one.  Once you have the client credit card information, and authorization to run payment on it – when you have a bill that’s ready: you don’t have to wait for your clients to pay it anymore.  Just charge it yourself.  You can make the charge, then send the invoice.  You can even provide notifications of upcoming payments before you run them. 

 

The one thing you won’t have to do: is wait to get paid. 

 

. . . 

 

If you want to uncover even more ways to make money faster, we’d love to help! 

Through a unique partnership between the bar association and Jared Correia's Red Cave Law Firm Consulting, National Creditors' Bar Association members have access to experienced law practice management consultants at a special discount rate.

To get started, visit Red Cave's NCBA landing page, and start running your law practice like a business.