VC20: FM01 Accounts Receivable

Subtitle: Persistent, Ethical and Careful Collection of Law Firm AR in the COVID-19 Era. Successful pursuit and collection of a law firm's past due receivables adds cash and increases the realization rate of attorneys' efforts. The COVID-19 pandemic and the various states' executive orders and emergency legislation have greatly impacted law firms and, importantly, their clients. Protecting assets such as cash flow has never been more important in this era of uncertainty. This session will explore the tools and methods available to collect past due balances while avoiding the related pitfalls, such as counterclaims, malpractice claims, ethical violation claims and claims of running afoul of emergency orders and legislation in place due to COVID-19. You'll learn how to avoid involuntarily extending credit to clients through consistent and regular invoicing and collection techniques that help reduce your accounts receivable. Plus, you'll discover how to establish collections policies that will improve the aging of your open receivables while obtaining buy-in from attorneys and key leadership. 

Objectives: 

• Recognize how to create better cash flow, increase the realization rate of attorneys' billing and reduce past due accounts and write-offs during these uncertain times. 
• Calculate how to successfully maintain and improve client relationships while collecting receivables, especially if the client has suffered undue hardship during the pandemic. 
• Identify the practice areas and attorney(s) that may need additional assistance and training in billing and management of retainers. 
• Recognize and avoid counterclaims, potential malpractice claims, ethics complaints and claims of violations of emergency orders and evolving legislation in place due to COVID-19. 
• Identify when to cut ties and pursue the claim through a third party. 

Other Information: 

Educational Category: Financial Management 

60 Minutes 

Audience: Advanced 

CLM App Management Category -FS: Financial Management 

CLM Recertification Eligible: Yes 

CLE: Participatory Credit 

CPE Field of Study: Finance 

CPE Credit Eligible: 1 

CPE Prerequisites: None 

CPE Advanced Preparation: None 

Group Live - Presented Online Due to COVID-19