Client Connection

Client Connection

Thursday, October 5, 2017

Autumn Is Upon Us. Do You Feel That Chill in the Air?

Are you ready for the fourth quarter accounts receivable collection effort?  See for yourself by answering these questions:

  1. What are the ways to make sure your firm gets paid for the work it does?
    (a) Identify attorneys who have difficulty collecting their receivables throughout the year and give them the help they need.
    (b) Generate a list of clients that have historically paid their bills during the last 30 days of the year.
    (c) Don't depend too much on historical patterns of bill collection.
    (d) All of the above.
  2. How do we get a jump in making A/R management and collection efforts a priority throughout the year instead of waiting until the last quarter?
    (a) Give your attorneys the individual autonomy to collect their A/R.  They will eventually make it a priority.
    (b) Be realistic about whether the firm is underachieving in its collection efforts and goals and if the firm has developed bad A/R management habits.
    (c) Focus on clients that pay timely and avoid older accounts because they take too much time
    (d) Keep sending clients reminder statements and letters.
  3. There are a number of reasons why clients do not pay their bills on time.  Which is NOT one of them?
    (a) The attorneys don't send the bills in a timely fashion. The clients figure that, if the attorneys can't send the bills in a timely way, they don't need to pay in a timely way.
    (b) The client experiences "sticker shock" and is surprised by the size of the bill.
    (c) They can't find a stamp.
    (d) The client is experiencing cash flow problems.

1.   D
2.   B
3.   C

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