If only law firms "knew then what they know now" about their clients. The clues were there from the beginning, when the client engagement began. This session asks participants to consider client engagements that resulted in write-offs (bad debt), and what can be done to mitigate loss in the future. What were the warning signs? We discuss criteria for accepting new clients and assessing their financial risk to the law firm. Does your firm use a new client risk rating system? Law firm financial managers are encouraged to identify ways to deal with problem clients early in the cash flow cycle. The session will explore types of analytics for assessing new client exposure, and discuss steps to mitigate that exposure.

Objectives:

  • Identify ways to anticipate potential bad debt early in the attorney-client relationship.
  • Examine policies to encourage lower revenue risk from new clients or new matters.
  • Discover how to harness existing time and billing software or analytics tools to identify potential accounts receivable problems early in the cash flow cycle.

Audience Statement: This session assumes that participants have a working knowledge of revenue management and law firm profitability in the legal industry.

  • 60 Minutes
  • Audience: Intermediate
  • CLM App Management Category -FS: Financial Management
  • CPE Field of Study: Finance
  • CLE: Law Practice Management

Speaker Info

Michael Ferdman joined Intelliteach in 1996 and is responsible for the operations and marketing of the Managed Services division, leading a network of employees and managers stationed throughout the country. Ferdman has held a variety of positions throughout his 18-year tenure with the Company, including A/R consultant, client development, marketing director, and services and products development. Prior to joining Intelliteach, Ferdman served as the Managing Director of Ness Trading, an international inventory brokerage firm.  Prior to that, he served as Marketing and Operations Manager for State Auto Supply, a large Midwestern wholesale distributor.

Live Webcast Information
Start Time:
July 18, 2018 3:00 PM Eastern
2:00 PM Central, 1:00 PM Mountain, 12:00 PM Pacific
Add to Calendar:
Estimated Length:
2 hours
Registration Time Remaining:
1 day, 3 hours
ALA Member Price:
$109.00
Non-Member Price:
$129.00
New Money: Managing Law Firm Revenue at Client Intake
Individual topic purchase: Selected
Association of Legal Administrators
CLMSM Recertification Credit: 1.00
For other credit opportunities, please check the program description or email certification@alanet.org
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Webinar (Live) + On-Demand (Recording)
ALA Member Price:$109.00
Non-Member Price:$129.00
On-Demand
ALA Member Price:$109.00
Non-Member Price:$129.00