Case Study Firm A
Employees were responsible for tracking hundreds of collection files manually. Legal documents were created through the use of outdated software which increased the chance of data entry errors. Collection actions were taken only after receiving authorization from the property manager. Miscommunication regarding authorizations was common. Property managers lacked the time and desire to track accounts and manual status reports were outdated by the time received by the client. Files would become inactive or stale waiting for the manager to request the next action on a file. Attorneys and staff were constantly reviewing files to advise managers of the status of accounts. Delays in collecting delinquent accounts caused friction between the attorney, the property manager and the client. All of these problems increased exponentially as the volume of work increased.
To change their collection practice from a reactive, inefficient and marginally profitable one to a proactive, efficient, and highly profitable practice.
Collectronics® created an automated collection system (called CollectMinder®) that provided 24/7 real time access to accounts for managers, firm employees, board members and attorneys, tracked the collection process from the beginning of an account until it closed and automated the preparation of legal documents.
Revenues from collection work have increased over 10 times. The number of accounts the firm now manages at any given time has increased more than five times the number before using the CollectMinder® system. Each employee now comfortably handles more than 5 times the number of accounts as before CollectMinder®. Time spent locating and reviewing files and preparing status reports has dramatically decreased. Client satisfaction has dramatically improved through more timely turnaround of accounts and better communication through 24/7 real time access to account information. The quality of work product has greatly improved by virtually eliminating routine clerical errors.
Case Study Firm B
Two community association attorneys from different law firms formed their Firm in the summer of 2010. The business challenge was to merge two law practices and a myriad of software applications into a seamless and efficient business operation. Employees were responsible for manually tracking the collection files of a growing practice. Various software applications were used to track collection time periods and status, including Access and Outlook. Missed deadlines, errors and miscommunication were prevalent. Time spent locating files, determining the appropriate collection step and communicating with the client adversely impacted the profitability of the collection practice. All client data was managed through free application software. Firm lacked a reliable billing and accounting package resulting in the Firm losing monies on advanced costs. Delays in collecting delinquent accounts caused friction between the attorney, the property manager and the client. As these problems accelerated, the profitability of their collection practice declined exponentially.
Merge two separate law practices and a myriad of software applications into a seamless, efficient and profitable business while managing a growing collection practice.
Collectronics® designed an automated collection system using its CollectMinder® application tailored to the firm’s practice that provided 24/7 real time access to accounts for managers, firm employees, board members and attorneys; centralized the location of information for their management companies, associations, managers, and board members in a paperless environment; tracked the collection process from the beginning of an account until it closed; automated the preparation of legal documents from the data stored electronically in a centralized and manageable location; integrated with the Firm’s billing software to better capture all fees and costs billed to its clients; and produced and delivered status reports when and as needed by the clients and managers.
Since going live with CollectMinder®, monthly billings from collection work have increased over five-fold in the first six months. The number of accounts the firm now manages has more than doubled from the number before CollectMinder®. Each employee now comfortably handles more than five times their previous workload. Routine clerical errors have been virtually eliminated thereby increasing the quality of work product. Firm has completely automated the process for locating and reviewing files and preparing status reports. Legal fees and costs are exported daily into the Firm’s billing software thereby capturing virtually all legal fees and costs that should be billed to the client. The Firm’s client base has nearly doubled from their ability to able to aggressively market the application under their own unique brand. Deadlines are routinely met or exceeded and client satisfaction has dramatically improved through 24/7 real time access to account information.
Case Study Firm C
Preeminent community association law firm located in four states sought to be the first community association law firm in its market to provide real-time information regarding its collection efforts to its clients and managers via a secure internet portal. While the firm enjoyed market dominance, the firm wanted to maintain this dominance through exceptional client service through automation of its collection process. Additionally, “going green” was an important aspect of their marketing agenda so eliminating physical files as much as possible was an important goal to achieve. The business challenge was to improve communication among the four offices as many attorneys and paralegals managed accounts in more than one jurisdiction. Accordingly, it was imperative that client and account information was centralized as well as docketing and calendaring so information could be readily accessed from anywhere a user had internet access. Also, the firm wanted the capability to track financial information such as billings, business generation and production by employee and by jurisdiction. In addition, the firm intended to heavily market its collection system to managers and board members, so it was important that the application promoted the firm’s “look and feel” and the firm’s image as a leader in the use of cutting edge technology to better service its clients.
Consolidate and centralize client and account information from four jurisdictions in a paperless, secure environment which could be accessed by users in multiple jurisdictions in order to provide exceptional service to its clients and maintain its market dominance.
Collectronics® designed an automated collection system using its CollectMinder® application tailored to the firm’s practice that provided 24/7 real time access to accounts for managers, firm employees, board members and attorneys; centralized the location of information for their attorneys, paralegals, management companies, associations, managers, and board members in a paperless, secure environment; customized the collection workflows and documents for each of its four jurisdictions; tracked the collection process from the beginning of an account until it closed; automated the preparation of legal documents from the data stored electronically in a centralized and manageable location; integrated with the Firm’s billing software; produced and delivered status reports when and as needed by the clients and managers; produced productivity and billing reports which could be run by jurisdiction and by employee.
CollectMinder® was delivered to the Firm in October of 2008 under a five year contract. Three years into the contract, the Firm requested we extend the contract an additional five years. The Firm has extensively marketed and promoted its branded application in four states and soon plans to open two additional offices which will be seamlessly incorporated into the application. The Firm has not only maintained its market dominance but has expanded its practice in each jurisdiction. Attorneys routinely demonstrate the application on their mobile devices to clients and prospective clients. Since 2009, the Firm has experienced growth in collection fees billed alone in excess of one and one-half (1.50) times year over year! They are currently on pace to double the amount billed to clients for collection fees in 2011 from that billed in 2009. The Firm’s ability to better service its clients has resulted in an expediential growth in the number of association clients from approximately 600 at the beginning of 2009 to over 3600 today.