Having Problems Collecting From Clients? Consider Turning To Attorney Billing Software For Help

Having Problems Collecting From Clients? Consider

Turning To Attorney Billing Software For Help

Presented by:LexisNexis

http://www.lexisnexis.com

Increase Payment Rates With Attorney Billing Software

n While the primary job of any law firm is practicing law, many firms are finding they also need to allocate resources to debt collection.

n Rather than turning to a debt collection agency or wasting a lot of firm resources with debt collection, use attorney billing software.

n A few smart accounting policies to increase payment rates can reduce the number of clients in a collection status.

Effective Billing Policies Are The First Step

n If your invoices are confusing, clients won’t know what to pay.

n Invoices from your law firm billing software should be clean, without legal jargon and uniform, regardless of which attorney worked on the case.

n Services should be itemized, even those that were performed for free. This helps remind the client of the value they’ve received.

Audits Help Ensure Accuracy

n You should audit random attorney billing software invoices frequently to ensure that they’re correct.

n Clients will have little patience for incorrect invoices and likely will ignore them rather than calling to correct your mistake.

n When you audit the invoices, check numbers, but also be on lookout for typos or other mistakes that can make the invoice appear unprofessional.

Stay On Top Of Unpaid Invoices

n If the client has an outstanding balance, follow up with monthly invoices to remind them until it is paid.

n If a client hasn’t paid an invoice, it’s likely that the invoice simply got buried in a stack of paperwork.

n Polite, firm and timely reminders will usually take care of any billing issues.

Communication Is Key

n If months have gone by and the client still hasn’t paid their invoice or contacted the firm, don’t just continue to send them.

n The client may be upset about something or having money problems.

n Calling to understand why the invoice hasn’t been paid can help work with the client to come up with a payment schedule that works for you both.

Remain Flexible With Payments

n Debt collection isn’t black and white. There are a lot of options between constantly harassing a client and writing the debt off at a loss.

n Some firms are uneasy about providing clients with credit since the liability can be too high.

n Rather than offering a payment plan, propose automatic credit card payments through the attorney billing software.

n These payments are applied automatically so the client doesn’t have to do anything to ensure the payment is made.

Passing Debt To Credit Agencies

n Some firms prefer to partner with a credit agency to assume the debt.

n This partnership can be easily administered through the law firm billing software.

n Whenever you do send out an invoice, don’t forget to include a short note thanking them for the business.

Attorney Billing Software Simplifies The Payment Process

n Attorney billing software simplifies the entire process.

n Professionally created invoices, combined with collection polices that make sense can help improve payment rates and maintain positive client relationships.

About LexisNexis

n LexisNexis is a leading provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets.

n The company can customize its products to the needs of the modern law firm and offers unique features that generic software solutions cannot.