Reinventing Professionals Automating Law Firm Collections
Nov 25, 2024
Bill Bice delves into the intricacies of law firm collection processes and the pressing need for automation. Discover innovative ways finance teams can streamline collections during the hectic 'Collections Season.' The discussion highlights the transformative potential of generative AI in reshaping billing practices and enhancing workflow efficiency. Explore how technology can address the challenges of lengthy accounts receivable cycles, paving the way for more effective staffing and operations.
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Early Start in Legal Tech
- Bill Bice started in legal tech at 18, writing time and billing software.
- He's worked in legal tech for most of his career, focusing on helping law firms.
Challenges in Law Firm Operations
- Law firms' AR cycles have lengthened, and AR has increased significantly.
- Firms are addressing this by adding staff, but better tools and processes are needed.
Leveraging Collection Season
- Use "collection season" to improve processes for the entire year.
- Focus on making collections smoother year-round, not just at year-end.