By: Claude Ducloux
Board Certified, Civil Trial Law and Civil Appellate Law, Texas Board of Legal Specialization, Director of Education, LawPay
As a veteran of nearly 39 years of legal practice, I know the importance of cash flow. In my quest for financial security and success, I have perused every bar journal article, attended numerous practice management CLEs, and varied my approach to billing and collections to see what worked.
Doing good work, of course, has been the overwhelming focus of my practice, and thankfully, I have had very few complaints in that department. But what I have learned about getting the money in the door promptly and securely has proven to be an art.
I am happy to tell you that last year I had a billing collection rate of approximately 97 percent, which is far above the national average for solo-small firms. But with a broad practice, there is no single magic secret to this achievement. It is a combination of excellent communication, billing discipline, and intentional follow up.
Bearing this in mind, here are a few tips I’ve put to work in my practice to help me achieve my collection rate.