Law firms often require a large number of specialized support staff to keep operations running smoothly. A legal billing specialist works closely with attorneys, adjusters and other staff to manage the debt and ensure that the firm is paid.
Legal debt specialist jobs are growing. Find out if this is the right job for you.
What is a credit expert?
Legal accountants are support staff responsible for creating and maintaining legal bills for the firm’s clients. They work with support staff and attorneys to ensure that all the necessary information is included in each bill.
Depending on the firm, legal debt professionals may have the authority to pursue past due payments from customers and third parties. This may include sending letters, telephone calls, or taking legal action for unpaid accounts.
Some of the daily responsibilities include:
Credit statement compilation
Issuance of credit
Review legal documents for accuracy
Review past accounts and prepare payment plans
Review the status of the account and practice to ensure compliance with state law regarding attorney licensure requirements
Determining whether services have been performed or fees paid in accordance with legal ethical standards
Collecting past due debt by contacting customers and working with a collection agency
Time and attendance tracking using management systems
Managing the process of submitting claims to insurance companies as needed
Preparing and filing court documents
How to start a career as a legal debt specialist
Legal debt is a difficult business to get into. Some law firms require accounting or business and a bachelor’s degree. There are still opportunities for credit professionals with a bachelor’s degree or no degree, however, as long as they have experience in lending.
Some business schools offer courses in legal finance or online courses, which can help you gain the skills you need for the job. Some of these skills include:
Computer literacy and ability to learn legal time tracking and billing system
Attention to detail
Communication, writing and speaking skills
Ability to multitask and work in a fast-paced environment
Excellent management skills
An understanding of privacy and the power of the legal profession
Legal debt professionals may start in an entry-level position at a law firm, but you have the option of opening your own legal debt business. Law firms offer many administrative functions, including billing, and this option gives you the flexibility to choose your workload, hours, and clients.
Running a business is not for the faint of heart, and attention to detail and detail is essential. You will need business savvy and marketing skills to get your name out there and attract law firms seeking your services.
Job Market Outlook for Legal Billing Consultants
Legal finance professionals’ salaries vary based on their experience and education, firm size, and location.
According to ZipRecruiter, the median salary for legal professionals is $55,013 per year, or $26.45 per hour. Annual salaries can be as high as $77,000 or as low as $27,500, but most fall in the $45,500 to $63,000 range. High earners can make up to $71,500 a year.
The job outlook varies across the country. Like other industries, the legal profession is increasingly turning to technology to handle repetitive or time-consuming tasks, including debt settlement.
This is an opportunity, not an obstacle. While the role of legal debt professionals may be changing, they still have a role in mid- and large-sized law firms. Legal accounting professionals must be proficient in accounting software to adapt to changes in the job market.
How Billing Software Supports Billing Consultants
That said, legal accounting software is important in automating and streamlining some of the legal debt professional’s work, but it doesn’t mean it’s replacing the job entirely. Instead, it is changing and offering new and different opportunities.
The most important commodity in any business is time – we all want to get more done in less time. Credit and debt take a long time and require management skills, which is why law firms hire professional debt collectors.
These professionals are tasked with filling out invoices manually — a time-consuming and error-prone process.
The manual process of credit is vulnerable to errors that can lead to delays in the payment process, bad relationships with customers, and credit disputes. Often times this falls on the legal debt specialist.
Effective billing software can be used to standardize the billing process and compile all the data – ensuring that errors are minimal. Less time on credit, happier customers, and faster profitability for the business.
Automatic Billing and Payment Reminders
Automate is a helpful resource for law firms to limit credit defaults. You can automate the billing process for recurring payments, subscription models, or other variable payment arrangements and free up your time to focus on more important tasks.
Explain the Payment Process
The traditional pattern of slow billing and payment will affect revenue and cash flow. Legal accountants and other support staff must create and review invoices, send them to clients, and wait for payments to come through.
A faster payment method that caters to the customer experience will make your business pay faster.
Reporting is an ongoing process that all law firms need to make decisions about the health and profitability of the firm.
Legal credit software for credit professionals
Whether you’re considering a career as a legal debt specialist, are already working in your own firm or at a large law firm, learning the basics of legal debt accounting software is a must for your career. future.
Kamron Sanders also contributed to this article.
©2006-2022, BILL4TIME. EVERYTHING IS AVAILABLE.National Law Review, Volume XII, Number 299