A/R Management: Best Practices for Law Firms to Maximize Revenue in 2024, Part 2

Effective accounts receivable management can have a direct impact on a law firm’s cash flow, collections, and financial performance. In Part 2 of this A/R management webinar series, Frontline Managed Services shares practical best practices for managing receivables throughout the year and preparing for year-end. What You’ll Learn In this webinar: • How to improve billing and invoice handling practices • Ways to segment A/R portfolios and prioritize high-impact accounts • How automation and technology can improve collection efficiency • How business intelligence and reporting can identify collection opportunities • Why standardized collection processes and regular performance reviews matter • How to manage aged A/R and invoices beyond 365 days • Strategies for improving time management within the revenue cycle • Year-end strategies for accelerating collections and improving A/R performance Chapters 00:00 Introduction 01:33 Year-Round A/R Best Practices 12:45 Invoice Handling 14:05 A/R Segmentation 20:22 Managing 365+ Day A/R 22:46 Effective Time Management 24:32 Setting Daily Goals 25:58 Using Automation to Improve Efficiency 26:45 Leveraging Collection Systems and Data Analytics 27:56 Standardizing Collection Processes 28:53 Regular Performance Reviews 32:08 Business Intelligence and A/R Reporting 39:16 Year-End A/R Strategies 42:33 Accelerating Initial Collection Contact 43:53 Delegating Administrative Work 44:46 Reviewing Unapplied and Trust Funds 45:19 Proactive Attorney Communication 46:12 Settlement Authority for Aged A/R 47:03 Electronic Payment Options 48:08 Defining an Escalation Path 55:26 Year-End Escalation Process 55:56 Baseline Assessment Review 57:02 Q&A Primary CTA Interested in understanding how your firm’s A/R is performing and where opportunities may exist? Contact Frontline Managed Services to learn more about a Baseline Assessment Review (BAR). About Frontline Managed Services Frontline Managed Services helps law firms improve performance by aligning business operations, technology, and specialized legal expertise. Our advisory-led Business Managed Services help firms work smarter, strengthen profitability, reduce risk, and deliver exceptional client service. https://frontlinems.com/ Hashtags #LawFirmFinance #LawFirmCollections #LegalFinancialOperations