Farha Legal: A Story of AR Transformation with Kolleno
We had an engaging conversation with James Farha, Managing Partner at Farha Legal, discussing their strategies for overcoming financial challenges, fostering strong client relationships, and addressing the daily hurdles faced in the technology and finance sectors.
Farha Legal is a boutique law firm that provides expert legal advice to the technology and finance sectors. Their accredited practice spans venture capital, mergers and acquisitions, debt and leveraged finance, with a specialist service for startups between Seed and Series A. With a team of knowledgeable legal professionals, Farha Legal delivers tailored legal solutions to clients, helping them navigate the complexities of their industries.
As Farha Legal’s clientele expanded, so did the complexity of managing their accounts receivable. The firm faced difficulties with late payments and unresponsive clients, which adversely affected their cash flow and hindered their ability to invest in business growth and employee development. Furthermore, the time-consuming process of tracking and reconciling invoices detracted from their focus on providing exceptional legal services.
Farha Legal implemented Kolleno’s accounts receivable management solution to streamline their invoicing and payment processes. The customer payment portal allowed clients to easily access invoices and make payments, while the template creation feature enabled Farha Legal to design customised invoices tailored to their specific legal services. Kolleno’s comprehensive reporting tools provided valuable insights into client payment behaviours, empowering the firm to address issues proactively and improve cash flow management.
After adopting Kolleno, Farha Legal experienced a 45% decrease in overdue payments within the first six months, resulting in a 20% increase in cash flow stability. This allowed the firm to invest in new service offerings and staff development. The time spent managing accounts receivable was reduced by 31%, enabling the team to focus their efforts on delivering high-quality legal services and nurturing client relationships.
Farha Legal’s collaboration with Kolleno has been a transformative experience, enabling the firm to effectively manage their accounts receivable and substantially improve their cash flow. By streamlining payment processes and gaining valuable insights through the platform, Farha Legal has been able to concentrate on what they do best – 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.