Treasure Hunt: A Collection Process Helps with Revenue Generation

You know, the quickest way to make more money, might be to simply collect what you’re already owed.  The average law firm collection percentage is in the low to mid-70s, which is a pretty significant haircut to take.  And, if folks have told you that anything owed for more than 30 days is essentially uncollectible, that’s not necessarily true. 



The real reason law firms don’t collect accounts receivable is because they don’t really try.  Lots of law firms send out a single invoice, and then – when clients get behind on payments – don’t really followup, other than adding that amount to future invoices.  But, if you have a viable collection process – while it doesn’t guarantee that you will get that money you’re owed, it makes it more likely.  You just gotta ask . . . more than once. 

 

So, I’m tellin’ you there’s a chance. 

 

. . . 

 

If you want to bulk up your collection process, give us a call! 

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.

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