One thing every law firm needs is money. And I don’t think that I’m going out on a limb suggesting that money and financial health are common elements across most successful firms. In this episode, the first of our series of interviews with law firm CFOs, we speak with Scott Shaffer of Winterfeld IP Group. We dig in with Scott on law firm collection rates, collection strategies, whether firms should refer clients to collections agencies, the firm’s tech stack and how it helps facilitate the firm getting paid, Scott's “most important financial metric,” and a bunch more.
One of the more novel parts of the conversation focuses on a discussion of a “collections calendar.” Scott notes that their collections calendar ensures that a client usually hears from the firm at least three times within the first 30 days after a bill is issued.
We also compare law firm pricing - and operations - to restaurant pricing and operations. Finally, Scott shares the one financial he needs to track firm health.
If you’re interested in improving your firm’s financial health or learning how to apply the CFO’s eye to your law firm, this first in a series of interviews of law firm CFOs is for you.