[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-288526-105":3,"detail-sidebar-cat-1-en-105":72,"doc-detail-288526-en":118},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":65,"head_meta":67,"extra_data":69,"updated_unix":71},105,"en","finish-strong-how-to-end-the-year-on-better-financial-footing-part-3","Finish Strong: How to End the Year on Better Financial Footing - Part 3","","Finish Strong: How to End the Year on Better Financial Footing provides practical guidance for law firms to improve collection rates before year-end. It addresses why unpaid invoices can harm profitability and staff incentives, explains common approaches like collection agencies or writing off debt, and then outlines a strategy for aged accounts receivable. The guide emphasizes prioritizing receivables, leveraging technology, and establishing best practices for the coming year, including a credit card authorization addendum.",{"@graph":14,"@context":64},[15,34,55],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/letters/","Letters",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/finish-strong-how-to-end-the-year-on-better-financial-footing-part-3/288526/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/finish-strong-how-to-end-the-year-on-better-financial-footing-part-3/288526.png","ImageObject",442,249,{"name":42,"@type":43},"Mimi","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-09-18","2026-09-17",true,{"@type":52,"interactionType":53,"userInteractionCount":22},"InteractionCounter",{"@type":54},"ViewAction",{"@type":56,"mainEntity":57},"FAQPage",[58],{"name":59,"@type":60,"acceptedAnswer":61},"How does the guide propose improving collections for aged receivables?","Question",{"text":62,"@type":63},"It recommends a structured approach to aged accounts receivable, including assessing the situation by client type, prioritizing receivables, and using technology to improve collections outcomes.","Answer","https://schema.org",{"og:url":32,"og:type":66,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":68,"canonical":32},"index,follow",{"doc_id":70,"site_id":7},288526,1789633591,{"code":4,"msg":73,"data":74},"success",[75,80,85,90,95,100,105,109,114],{"id":76,"doc_module":22,"doc_module_name":25,"category_name":77,"show_sort_weight":78,"slug":79},11,"Presentations",90,"presentations",{"id":81,"doc_module":22,"doc_module_name":25,"category_name":82,"show_sort_weight":83,"slug":84},12,"Resumes",80,"resumes",{"id":86,"doc_module":22,"doc_module_name":25,"category_name":87,"show_sort_weight":88,"slug":89},14,"Invoices",70,"invoices",{"id":91,"doc_module":22,"doc_module_name":25,"category_name":92,"show_sort_weight":93,"slug":94},15,"Posters",60,"posters",{"id":96,"doc_module":22,"doc_module_name":25,"category_name":97,"show_sort_weight":98,"slug":99},16,"Social Media",50,"social-media",{"id":101,"doc_module":22,"doc_module_name":25,"category_name":102,"show_sort_weight":103,"slug":104},17,"Forms",40,"forms",{"id":106,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":107,"slug":108},18,30,"letters",{"id":110,"doc_module":22,"doc_module_name":25,"category_name":111,"show_sort_weight":112,"slug":113},21,"Paper Templates",5,"papers-templates",{"id":115,"doc_module":22,"doc_module_name":25,"category_name":116,"show_sort_weight":4,"slug":117},158,"General","general-158",{"code":4,"msg":73,"data":119},{"doc_id":70,"user_id":120,"nickname":42,"user_avatar":121,"doc_module":22,"category_id":106,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":122,"file_id":123,"file_url":124,"file_type":125,"file_size":126,"view_count":22,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":106,"language":127,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":128,"faqs":129,"seo_title":130,"seo_description":12,"update_tm":71,"read_time":131},2336477974920,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","Finish Strong: HOW TO END THE YEAR ON BETTER FINANCIAL FOOTING  \n[lawpay.com](lawpay.com)[ ](lawpay.com)866-376-0950  \nForeword  \nWhen you graduate from law school, no one really tells you that in addition to the practice of law, you will also need to be a salesperson and, perhaps most importantly, a bill collector. No 3L sits in class dreaming of the day when they will have to chase down a payment from an errant client. Yet, this skill is key to your legal career, and no attorney wants to leave money on the table as a result of unpaid invoices.  \nThe “business of law” requires clients to understand, among other things, their duty to pay the reasonable costs of the lawyer’s services per the terms of their fee agreement. But what happens when a client will not pay their invoice? What if the estate is out of money? How are you supposed to squeeze blood from a turnip?  \nWhen a client reaches out and says he simply doesn’t have the funds to pay (or they just refuse to pay their bill), law firms will typically do one of the following: (1) enlist the services of a debt collection firm; (2) keep the outstanding balance on their books and hope that the client pays someday; or (3) write off the debt at the end of the year.  \nIn my experience, and after speaking with attorneys from across the country, the third option is the most popular. Many lawyers do not want to utilize the first option for fear of unwanted attention from the client, threats of grievances and/or the assurance that the client will not be referring cases to the firm any time soon. Rather than keep the debt on the books and hope that one day the client will come into some money, the easiest thing for many firms to do is simply to write off the debt at the end of the year.  \nBut is there a better option other than just absorbing that debt? The guide that follows merges the lessons I (and many others) have learned with regard to collecting on aged accounts receivable. All hope is not lost when it comes to collecting from clients whom you thought would never pay their outstanding invoices—even those receivables that have been left sitting unpaid for the better part of the year.  \nI want to hear any ideas or ruminations you might have about this guide. Feel free to send your thoughts my way.  \nThank you,  \nJordan Turk  \nAttorney at Law; Law Practice Advisor [jturk@lawpay.com](jturk@lawpay.com)  \nContents  \nIntroduction 4  \n\n| Assess the Situation | 6 |\n| --- | --- |\n| Prioritize Your Receivables | 7 |\n| Embrace Technology | 12 |\n| Looking Ahead: Best Practices to Put in Place for 2022 | 13 |\n| Conclusion | 16 |\n\nAddendum: Credit Card Authorization Form 17  \nFinish Strong: How to End the Year on Better Financial Footing | 3  \nIntroduction  \nEvery pragmatic business and professional practice owner expects that some percentage of their billed services will not be paid. Many businesses actually accommodate for “bad debt” in annual budgeting. Even small fluctuations in a law firm’s collection rate can have a huge impact on its bottom line. So the question becomes, how can you improve the collection rate at your law office?  \nLet’s start with a basic premise: If your pay is dependent upon your collections, then you want to collect on as many outstanding invoices as possible.  \nIn your quest to collect, consider these important questions:  \n• How can I ensure that all or most of my bills get paid?  \n• What behaviors, habits, skills, and processes will help maximize my collections?  \nHistorical ways lawyers have tried to maximize collections include:  \n• Requiring “cash upfront” in flat-fee situations  \n• Obtaining a large retainer sufficient enough to cover the expected feesand expenses  \n• Choosing to limit the firm to predictable clients or controllable tasks  \nBut all of the above methods can be restrictive and contrary to a growth-oriented law practice. Lawyers know that even if they turn out excellent work product, obsolete or rigid billing practices can divert good prospect","cbCaijYuwuNgBuEA","https://ap.wps.com/l/cbCaijYuwuNgBuEA","pdf",764862,"English","# Introduction\n## Assess the Situation\n## Prioritize Your Receivables\n## Embrace Technology\n## Looking Ahead: Best Practices to Put in Place for 2022\n## Conclusion\n# Addendum: Credit Card Authorization Form","[{\"question\":\"How does the guide propose improving collections for aged receivables?\",\"answer\":\"It recommends a structured approach to aged accounts receivable, including assessing the situation by client type, prioritizing receivables, and using technology to improve collections outcomes.\"}]","Finish Strong: How to End the Year on Better Financial Footing - Part 3 | PDF",6]