Collecting fees in difficult economic times
With the stock market gyrating and the economy sinking, many lawyers are already starting to see clients fall behind on paying their bills. Here are a few ideas for managing fee collection through troubling times:
Comfort clients
First of all, and to put the strategies below in context, make contact with your clients, particularly the ones who have typically paid their fees. Everyone’s nervous about the economy; you are one of their trusted professionals. Call them. See how they’re doing. Find out if there is anything you can do for them. Give them your ear. Don’t bill them for the call.
Send statements
Now is not the time to let invoices sit around unsent. Yes, your clients maybe hurting financially, but they need to know what the status of their bill with you is. A big surprise later certainly won’t help. If the clients have many bills, you need to make sure you’re figured into the mix. If clients don’t see a bill from you, they may think they don’t owe you anything or that your bill can wait a couple of months.






