Are you looking for some strategies to stabilize your law firm’s cash flow? In this episode, I sit down with Matt Darner, co-founder of Collbox, to uncover the secrets to mastering accounts receivable and build a financially sustainable practice. Matt shared valuable insights into the importance of cash flow management and collections for law firms. We explored how Collbox specializes in helping law firms streamline their accounts receivable processes by handling overdue payment follow-ups. Matt emphasized that having a defined accounts receivable policy, leveraging technology, and focusing on client-friendly payment solutions are game-changers for financial health and business sustainability.

Matt also highlighted the power of niching down, both in his own business and as advice for law firms. By focusing solely on law firms, Collbox has been able to deliver unparalleled value through tailored solutions and technology partnerships with platforms like Clio. This episode is a must-listen if you’re looking to improve your firm’s cash flow, reduce financial stress, and grow your business strategically. Tune in to discover actionable tips and hear Matt’s top strategies for creating a healthy, sustainable law practice.

Key Topics

  • 02:40 Matt Darner describes his wild ride in the accounts receivable and debt collection space over the past decade.
  • 02:10 His business partner and co-founder, who handles engineering, and their complementary roles.
  • 03:23 Their initial focus on helping small businesses with collections and their eventual niche in serving law firms.
  • 03:53 Their partnerships with tech companies like Clio and Smoke Ball, which significantly improved their business.
  • 05:41 Developed a passion for solving problems and consulting.
  • 06:22 Collbox focuses exclusively on law firms, having tripled their revenue after integrating with Clio.
  • 06:37 The importance of cash flow and accounts receivable for any business.
  • 06:55 Collbox takes over past-due bill follow-up for law firms, executing a well-thought-out accounts receivable workflow.
  • 07:44 The human touch in their services, hiring trained accounts receivable professionals.
  • 08:10 The challenges of chasing after various industries and the importance of niching down.
  • 09:32 Their success of integrating with practice management systems and the significant impact on their revenue.
  • 11:24 The pressure to say yes to any potential client and the learning curve in understanding different industries.
  • 13:02 The importance of not losing the human touch in collections and maintaining client relationships.
  • 11:19 The top problems Collbox solves, focusing on cash flow and accounts receivable.
  • 16:29 Taking charge early in my sales career by creating my own presentations and resources, even clashing with marketing, to ensure I could deliver results quickly and effectively.
  • 17:63 Working closely with business owners to tackle cash flow challenges, helping them improve receivables processes and avoid the financial pitfalls that cripple so many small and mid-sized businesses.
  • 20:02 Top strategies for improving cash flow and collections, starting with defining and documenting an accounts receivable policy.
  • 21:35 The importance of having a clear timeline for actions when bills go past due.
  • 22:46 Reiterates the importance of having a documented accounts receivable policy and a clear process.
  • 23:13 The importance of defining what are you, what are your leverage points, and what are your escalation points.
  • 24:48 Leveraging technology to streamline the process and make it easier for clients to pay.
  • 25:34 Setting clear cost expectations and making payment options as convenient as possible for clients.
  • 26:10 Leverage modern practice management technology and flexible payment solutions, like financing options to reduce financial risk for your firm.
  • 28:32 Hire the right person for the job, freeing up attorneys to focus on higher-value tasks.
  • 29:15 Personal productivity technique of time boxing and using his calendar to block off time for work.
  • 30:10 Efforts to create more content and his struggle with being camera shy.


Resources Mentioned

Books:

  1. Traction
  2. Hacking Growth
  3. The Challenger Sale


Influential Figures and Content:

  1. Alex Hormozi - Entrepreneurial content creator.


Technology and Software:

  1. CollBox
  2. Clio
  3. Smokeball


Financing Solutions:

  1. Affirm
  2. LawPay 


About Matt Darner:

Matt Darner is a co-founder and the Vice President of Business Development at Collbox, a platform designed to help businesses get paid for their hard work. With a background in guiding industries to leverage data for growth, Matt has been instrumental in helping businesses streamline operations and reclaim time from repetitive tasks. As a seasoned revenue leader, he understands the challenges of scaling a company and is driven by a passion for helping businesses succeed. Through CollBox, Matt combines technology with a personal touch, ensuring that companies are compensated for their efforts while simplifying their financial processes. His expertise in business development and innovation has made him a trusted partner for businesses seeking to grow efficiently and get paid faster.

About Jay Berkowitz:

Jay Berkowitz is a digital marketing strategist with decades of experience in the industry. As the CEO of Ten Golden Rules, he has helped countless law firms and businesses harness the power of the internet to achieve remarkable growth and visibility. Jay is also a renowned keynote speaker and author, sharing his expertise at various industry events and publications worldwide.

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