Arrear View Mirror: How to Collect More Money in Your Law Firm

Law firms usually collect money in arrears, i.e. – we’ve done the work; now kindly pay us.  Most often, that payment is collected via a standard invoicing process.  A bill is sent to the client; then the firm waits to get paid.  And waits . . . And waits . . .

That’s because the way that attorneys have always managed the process has placed the control of the situation exclusively in the hands of their clients.  The clients can pay when they wish, and there isn’t necessarily a whole lot of motivation to pay if the work has already been done by that point.

But, there is a better way – automating payments.  And, it can be done in a law firm though you may need to consider reassessing how you manage your collection process.

Instead of following that traditional pathway, have your clients sign a credit card payment authorization, like this one.  Once you have the client credit card information and authorization to run payment on it, just charge it yourself.  You can make the charge and then send the invoice.  You can even provide notifications of upcoming payments before you run them.

The one thing you won’t have to do is wait to get paid.

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If you want to uncover even more ways to make money faster, we’d love to help!

The Wyoming State Bar offers free law practice management consulting services through Red Cave Law Firm Consulting.

To request a consult, visit the Wyoming State Bar’s law practice management page, and start running your law firm like a business.

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