Profit with Law: Profitable Law Firm Growth
Small Law Firms often start from the practice of law and not as a business venture. This ends up causing the growth of the firm to be much longer and more painful than it needs to be. If you started a Law Firm with the intention of increasing your impact, freeing up your time and having all the money you will ever need then the strategies we discuss will be priceless for you. Profit with Law is a show focused on the business of running a law firm as a profitable venture. Packaging and pricing your services, getting clients consistently, growing your staff in a way that feels good to you and implementing systems and technology to set yourself up for success are all discussions you will find here on the show. Moshe Amsel the host of the Profit with Law podcast is not an attorney. He has spent 20 years as an executive in the IT industry before becoming an accountant and business advisor for small businesses. 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. Our mission is to empower all people with wealth creation so that this and future generations can lead a better life. We’d love nothing more than to do this by helping law firm owners on their journey. A law firm is not for practice it’s for profit!
Profit with Law: Profitable Law Firm Growth
Boosting Law Firm Profitability through Effective AR Management in Law Firms with Matt Darner - 453
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
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 info@dreambuilderfinancial.com.
Connect with Moshe on:
Facebook - https://www.facebook.com/moshe.amsel
LinkedIn - https://www.linkedin.com/in/mosheamsel/