Boosting Law Firm Profitability through Effective AR Management in Law Firms with Matt Darner
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!
Episode Highlights
[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
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
About Matt Darner
Matt is a co-founder of Collbox which is a service that takes over the hassle of chasing the past-due invoices for law firms. Matt has seen how badly law firms struggle to get paid for their work and his passion is helping them put their Accounts Receivable operations on auto-pilot so they can focus on doing what they do best – without sacrificing the financial health of their firm in the process.
Connect with Matt Darner on his Website. You can also follow him on Facebook and LinkedIn.
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Author
Moshe Amsel
Author
Moshe Amsel the host of the Profit with Law podcast is not an attorney. As the owner of a successful accounting firm DreamBuilder Financial and Law Firm Growth coaching organization Profit with Law, Moshe has proven that there are better and different ways for a law firm to do business and be successful.
