- Here are three essential tips to minimize payment problems:
- Make sure lawyers share with their clients expectations about the amount and kind of work that will be done, including the anticipated costs.
- Learn how to use a retainer to help stay in front of potential payment problems.
- Establish financial payment thresholds and set parameters around what clients can realistically incur. Be honest with yourself and your clients about payment expectations.
Taking decisive action to help prevent payment problems requires discipline and the right mindset, but it can be done. Resolving accounts receivable management problems may require fundamental long-term changes to your processes and procedures. Otherwise, lawyers may quickly return to bad habits, and the firm will find itself in the same bind down the road.