Managing Accounts Receivable: What Every Law Firm Should Know
Diana Shepherd has over 30 years of experience as a marketing, branding, SEO, copywriting, editing, and publishing expert. She has written hundreds of articles geared towards both family law professionals and divorcing people, and she has both performed and taught on-page SEO for 20+ years. Diana spent eight years as the Marketing Director for the Institute for Divorce Financial Analysts® (IDFA®), and she has been a Certified Divorce Financial Analyst® since 2006. Accounts Receivable (AR), on the other hand, represents the money owed to your firm by clients for services rendered. For instance, after providing legal counsel, you send an invoice expecting payment within a specified timeframe. AR is crucial because it reflects income that has not yet been collected, impacting your firm’s cash flow and financial health.
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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. Whether you are a solo practitioner, the owner of a boutique law firm, or anything in between, we are here to help. We implement cutting-edge technology and a range of law firm-specific accounting processes to improve efficiency in our clients’ businesses. Our team will effortlessly adapt to your unique workflow to identify areas of opportunity and drive efficiencies across your practice. If your law firm’s aging receivables are not in the best shape right now, there’s still hope. With key strategies — like streamlining billing, automating payment tasks, and increasing communication — your firm can optimize the A/R process for the better.
With the right legal billing management tools, your firm can stay on top of payments, keep cash flowing, and focus on what really matters [...]