Adam Law Group: Streamlining Accounts Receivable and Driving Growth with Kolleno
We had an engaging conversation with Thomas Adam, Principal Attorney at Adam Law Group, as she shared her experiences in handling finances, nurturing client relationships, and tackling the day-to-day challenges of managing a flourishing law practice.
Adam Law Group is a reputable Florida-based law firm with a strong focus on business, real estate, and bankruptcy law. With a team of skilled and dedicated attorneys, the firm is committed to delivering top-notch legal services that are tailored to meet each client’s unique needs and circumstances, ensuring the best possible outcomes.
As Adam Law Group’s client base expanded, so did the challenges associated with managing their accounts receivable. The firm found itself dedicating an increasing amount of time and resources to tracking and reconciling payments, which detracted from their ability to concentrate on providing exceptional legal services. Late payments and unresponsive clients began to pose a significant issue, adversely impacting the firm’s cash flow and limiting opportunities for growth and expansion.
In search of a solution, Adam Law Group turned to Kolleno’s accounts receivable management platform. The user-friendly customer payment portal facilitated clients’ access to their invoices and payments, while Kolleno’s template creation feature enabled the firm to design customised invoices catering to their specific legal services. Furthermore, the platform’s detailed reporting tools provided Adam Law Group with valuable insights into their clients’ payment behaviours, empowering them to proactively address any issues that arose.
The implementation of Kolleno led to a 59% decrease in overdue payments within the first six months, which had a significant impact on the firm’s cash flow. This improvement, amounting to a 24% increase in cash flow stability, allowed Adam Law Group to invest in new service offerings and staff development. Additionally, the time spent on managing accounts receivable was reduced by 28%, enabling the team to refocus their efforts on delivering high-quality legal services to their clients and building long-lasting relationships.
Adam Law Group’s collaboration with Kolleno has proven to be a game-changer, enabling the firm to manage their accounts receivable more effectively and significantly improve their cash flow. The streamlined payment processes and valuable insights gained through the platform have allowed the firm to concentrate on their core competency – providing outstanding legal services to their clients. The positive impact on their cash flow and time management has not only contributed to the continued success of their practice but has also set the stage for future growth and expansion.