Tips Are In Recent On-Line ABA Journal Article.
Tabs3, in a recent ABA Journal on-line article, provided some good tips for attorneys and firms wishing to maximize collection of fees:
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- Track your time monthly, so you can get a grip on how long billing tasks take on behalf of the client.
- Pre-bill as if it’s you—ask yourself “would I pay this bill?” and make downward adjustments.
- Plan billing into your schedule—pre-bill review should be a priority scheduled event.
- Stay on top of collections. In this area, a Commercial Collection Agency Association survey found that 27% accounts which are 3 months past, 44% of accounts which are 6 months late, and about 75% of accounts 12 months overdue will never be collected!
- Keep good clients—make them a priority and be responsive to them, purging bad clients unless they meet their payment obligations.
- Make it easy for clients to pay—institute credit card and even legal-specific merchant payment mechanisms.