4 Ways Lawyers Can Minimize Outstanding Receivables – The Bar Association of San Francisco
DATE:	 October 19, 2021	 DATE:	 October 19, 2021	 Categories: Resources Tagged as:	Lawpay Legal Billing Member Benefits
Every pragmatic legal professional expects that some percentage of their billed services won’t be paid. But even small fluctuations in a law firm’s collection rate can have a huge impact on its bottom line. So how can you improve your collection rate and minimize outstanding receivables?
Below are tips to help your firm develop a strategy to tackle your aged accounts receivable.
Be Timely with Your Billing
First, try to bill clients around the same day every month. Even better, aim to have your clients receive their monthly statement about three to four days after the first of the month. Sending invoices around this time increases the chances that the client has recently received a paycheck and therefore has funds available.
Clients typically appreciate what you just did for them—not what you did months ago. What’s more, you want to catch them at a time where they appreciate you and the work you are doing on their case.
Clients routinely complain that all too often they receive bills 90 days or more after the work is done. By then, the client doesn’t remember what you did three months ago and will be less willing to pay you. If the work is fresh on their mind, you’ll find a client more willing to pay their invoice.
Send Descriptive, Easy-to-Understand Invoices
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