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Operating Your Law Firm to Ensure Payment on All Invoices


Level: Advanced
Runtime: 55 minutes
Recorded Date: May 18, 2021
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Agenda

  • State of legal billing
  • Opportunity – Zero AR
  • One firm’s journey
  • Demo of Zero AR using TimeSolv
  • Ethical concerns
  • Q&A
Runtime: 55 minutes
Recorded: May 18, 2021

Description

With little recourse to pursue non-payers, the legal profession instead uses retainers and trust accounts to protect from clients who won't pay invoices. One side-effect of managing two separate trust and operating accounts is the burdensome work of managing those accounts, both ethically and legally. For a small firm, the effort to manage the bookkeeping is especially taxing and eats into valuable billable time. This also leads lawyers to bill time towards a retainer fee instead of an outcome. If a firm collects $5,000 on retainer, the mindset becomes they must work enough billable hours to invoice for $5,000, regardless if that's necessary or needed.

The industry average collections rate for invoices is around 88%, so there does appear to be some justification for using retainers. And while how much a firm is collecting for sent invoices should always be a priority, that is never more true than during this last year with the business repercussions from the pandemic. Not collecting 12% of your earned work could be the difference between staying in business or having to shutter the firm.

Join our industry leaders and explore ways to reduce both the bookkeeping work of trust account but also increase the collection rate on sent invoices.

This program will help attendees learn the steps necessary to reduce the trust accounting load and increase collection rates.

This program was recorded on May 18th, 2021.

Provided By

American Bar Association
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Panelists

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Raza Hasan

President & CEO
TimeSolv Corp.

Raza Hasan is a dynamic senior executive whose entrepreneurial spirit continues to drive him as the President and CEO of TimeSolv Corporation. With 10 years of business leadership experience, Raza has honed his skills in product management, sales management, and the strategic marketing of web based business solutions. His commitment to service is unparalleled and it shows as he tirelessly works to exceed the expectations of his customers.

A longtime resident of Minnesota, Raza loves the frigid winters and welcomes any opportunity to ski down a snow-covered hill. He brings the same enthusiasm to TimeSolv, where he provides customers with a product that is effective, yet easy to use. Through Raza’s leadership and eye for business, he is working to make TimeSolv the best solution for today’s online billing needs.

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M. David Johnson

Attorney
Modern Family Law

M. David Johnson has practiced law since 1994 when he opened his own practice in Denver, Colorado. Over next 26 years, Mr. Johnson’s practice narrowed its focus to family law and expanded into 6 locations throughout Colorado and California. That practice, Modern Family Law, includes over 20 lawyers and 45 full-time employees with Mr. Johnson as its CEO. Mr. Johnson believes modern business practices work to the benefit of clients and lawyers alike and integrates those practices into his firm at every opportunity.


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