Boosting Law Firm Profitability through Effective AR Management in Law Firms with Matt Darner - 453

Profit with Law: Profitable Law Firm Growth

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Shownotes can be found at https://www.profitwithlaw.com/453.

Are you struggling to maintain cash flow and handle collections in your law firm?

Join Moshe Amsel and Matt Darner, co-founder and VP of business development at Collbox, as they dive into strategies for improving accounts receivable (AR) management and maintaining healthy cash flow. Matt shares insights from his extensive experience in automating financial processes, emphasizing the importance of friendly, consistent follow-ups and clear expectations. Moshe and Matt discuss setting higher retainers, utilizing flat fees, and employing specialized collection services to reduce workload and enhance client satisfaction. They stress the importance of defining a structured payment cadence, using technology, and the effectiveness of weekly billing to minimize disputes and maintain transparency.

Listen now to uncover strategies to streamline your law firm’s collection processes and ensure financial stability for sustainable growth!

Chapters:

[00:00] Introduction to Matt Darner

[08:44] The Relationship Trap: How Emotions Impact Your Collection Processes

[15:24] Why Do Clients Delay Payments When They Don't Skip Their Cable Bills?

[21:44] How the Recency Bias Affects Your Clients’ Willingness to Pay

[35:21] The Best Practices to Speed Up Collections

[01:06:38] Matt’s Parting Piece of Advice

Resources mentioned:

Take the Law Firm Growth Assessment and find out how you rate as a law firm owner!

Check out our Profit with Law YouTube channel!

Learn more about the Profit with Law Elite Coaching Program here

Connect with Matt Darner: LinkedIn | Facebook | Website

CollBox

Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/

To request a show topic, recommend a guest or ask a question for the show, please send an email to [e-mail].

Connect with Moshe on:

Facebook - https://www.facebook.com/moshe.amsel

LinkedIn - https://www.linkedin.com/in/mosheamsel/

Luvut

1. Introduction to Matt Darner (00:00:00)

2. The Relationship Trap: How Emotions Impact Your Collection Processes (00:08:44)

3. Why Do Clients Delay Payments When They Don't Skip Their Cable Bills? (00:15:24)

4. How the Recency Bias Affects Your Clients’ Willingness to Pay (00:21:44)

5. The Best Practices to Speed Up Collections (00:35:21)

6. Matt’s Parting Piece of Advice (01:06:38)