The Attorneys

This unearned revenue makes accounts receivable management accessible for firms of all sizes, including solo practitioners and small and medium teams. Firms unknowingly  lower their chances of being paid on time by including only a fraction of potential payment options. Then, send these bills electronically using Clio’s legal billing software and secure client portal, ensuring they reach the intended recipient near-instantly. Having an easy way to store client details and payment information is an essential piece of increasing payment efficiency and streamlining your A/R management.

Managing Retainers

• This requires regular check-ins with clients, taking a direct, straightforward, yet friendly, approach to payment collections.
• The best time to pitch clients on scheduling payments is during intake.
• What’s more, a timelier invoice is more likely to reach them when they appreciate you and the work you’re doing.
• Failure to communicate is a no-no, both from your state bar’s perspective and with respect to your law firm’s financial health.
• If you’re looking to offer client-centric, secure payment options, then Clio Payments is just what you need.
• Keeping them in the loop will build your law firm’s integrity and trust, thus improving the chances of timely client payments.

As your law firm expands and law firm accounts receivable management you’re busy running a practice, you do not want to mourn over the pending payments from clients. These effective law firm accounts receivable strategies can transform your financial landscape. From sending invoices electronically to setting up multiple payment options, we’ve seen various ways to improve your law firm’s accounts receivable process.

Improved efficiency

If you don’t prioritize collecting accounts receivable, you end up working for free—unpaid invoices will sit on your books until you turn them over to a debt collector or you write them off. Accounts Receivable are the outstanding payments your firm still expects to receive for your services. Collecting promptly on A/R is critical for your working capital – which keeps your lawyers and staff paid and your firm operational. By modernizing your AR management with Rocket Matter, you can elevate your law firm into a more efficient and profitable practice. The https://www.bookstime.com/ American Bar Association’s Model Rules of Professional Conduct require attorneys to safeguard client property, including unearned fees.

Improving Your Law Firm’s Accounts Receivable Process

A fixed-amount monthly payment is easier for your client to budget and provides steady cash flow for your firm. Additionally, call every client who has not paid a prior month’s invoice and ask for payment. If you’re feeling reluctant, think about whether you’d rather ask for what you’ve earned or write off this client’s balance. According to ABA Journal, one of the more common complaints against lawyers is a lack of client communication.

Conquer AR Challenges with Rocket Matter

• By seamlessly connecting to your existing system, InvoiceSherpa removes all double entries and reduces the manual labor required from your team.
• Digitslaw legal billing software makes it easy to set up payment plans, send invoices and give clients real time updates about their payment via the client portal.
• When you’re busy serving clients, the last thing you want to do is stop to handle online billing and other administrative work.
• From there, the payments will process automatically, without hands-on intervention from you or the client.
• If you send your invoices 2-3 months after the case is resolved, there is a chance that clients forget the value you brought to the case or what you did.
• Calling clients for payment follow-ups, sending snail mail, and other manual A/R processes can create a lot of unwelcome stress and tension.

Paper bills can get lost in the post, and receiving an invoice months after the work has been completed is frustrating for clients. Rocket Matter is part of ProfitSolv, a collection of best-in-class software solutions for professional services firms, allowing the freedom for growth and innovation. Using a product-centric and customer-first approach, ProfitSolv collaborates with firms to offer better client services. When a significant portion of revenue is tied up in unpaid invoices, it can hinder the firm’s ability to cover essential expenses like payroll, rent, and other overhead costs. This financial strain can make it difficult to invest in growth or pursue new business opportunities. While any change in how you operate your law office can feel overwhelming, there’s never been a better time to start migrating your office structures online.