Paralegal Pointers: Billing, Collections, and Year-End Revenue

Lawyers Mutual of North Carolina recently released an article that discusses the fact that as the end of the year approaches, many law firms feel increased billing pressure. “Clients want to close out matters, attorneys want to hit revenue goals, and accounting departments are racing to finalize the books.” For paralegals and staff, this is the time when accurate, consistent, and timely timekeeping is more important than ever.

Here are some tips on how to help achieve billing and accounting goals:

1. Send bills promptly (the older the bill, the harder it is to collect)
2. Encourage Online Payments
3. Offer Payment Plans (for larger balances, structured options can help clients pay sooner rather than later)
4. Review advance fees (make sure replinshments are requested before balances run dry)
5. Accept credit cards (clients expect it, and firms that accept credit cards get paid faster)
6. Use online billing platforms (such as LawPay, Clio which will allow you to send digital invoices with “click to pay” options)
7. Automate reminders (set up gentle email nudges for overdue bills)
8. Communicate early (when you anticipate a client may struggle to pay, address it before the balance grows).
9. Double-check that all time entries are correct and current
10. Run reports of unbilled time or unpaid invoices

With detailed timekeeping and proactive billing practices, you’ll help your firm finish the year strong—and start the new one on solid financial footing.

Questions? Contact Jared Burke for more information.