The Most Frequently Asked Questions About Accounts Receivable Management
Every law firm is different, but nearly all of them share common accounts receivable challenges. To help firms address their collection problems, we…
February 07, 2019 at 02:30 PM
7 minute read
Every law firm is different, but nearly all of them share common accounts receivable challenges. To help firms address their collection problems, we have compiled a list of the questions we hear most frequently from law firms, and offer our answers.
(1) How should we evaluate our firm's accounts receivable management needs and strategy to ensure we are making progress?
Answer: Ask yourselves: are we doing the right job, or do our processes, policies and procedures exist only on paper or in theory? All firms should take the time and effort to evaluate if they have A/R management best practices in place. The key questions to ask are:
- Do you have the appropriate governance and leadership structure?
- Do you have meaningful reports and information?
- How are the attorneys managing their A/R and are they spending enough time on their collection efforts?
- Do you have the right administrative staff in place, and are they doing the right work the right way?
- Are you measuring their performance by results they are achieving?
- Is the firm regularly collecting its older, difficult A/R?
(2) What role should firm leadership play in A/R management and collection efforts?
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