Yang Law: A Success Story in Accounts Receivable Management with Kolleno
We recently spoke with Mickey Wong, Business Operations Manager at Yang Law Offices, about their strategies for managing finances, building strong client relationships, and navigating the challenges of practicing intellectual property, business, family, and estate planning law in Southern California.
Yang Law Offices is a premier law firm based in Southern California, offering a comprehensive range of legal services in intellectual property law (patent, copyright, trademark, licensing, litigation), business law (entity formation, contract, business dispute), family law (divorce, child support, child custody, paternity, pre-nuptials, post-nuptials, mediation), and estate planning (wills and trusts). The firm’s commitment to providing exceptional legal advice has made it a trusted choice for clients in the region.
As Yang Law Offices continued to grow, they faced mounting challenges in managing their accounts receivable. Late payments and unresponsive clients affected their cash flow, hindering their ability to invest in the development of their legal services and support for their clientele. Furthermore, the time-consuming task of tracking and reconciling invoices detracted from their primary focus of providing top-notch legal advice.
Yang Law Offices turned to Kolleno’s accounts receivable management solution to optimise their invoicing and payment processes. The customer payment portal simplified the payment experience for clients, while the template creation feature enabled Yang Law Offices to design customised invoices that reflected their diverse legal services. Kolleno’s advanced reporting tools provided valuable insights into client payment behaviours, empowering the firm to proactively address issues and enhance cash flow management.
With the help of Kolleno, Yang Law Offices saw a 35% reduction in overdue payments within the first six months, resulting in a 32% improvement in cash flow stability. This allowed the firm to invest in expanding their legal services and enhancing client support. The time spent on managing accounts receivable decreased by 26%, enabling the team to focus on delivering exceptional legal services.
Yang Law Offices’ partnership with Kolleno has had a significant positive impact on their accounts receivable management and cash flow. By streamlining payment processes and leveraging Kolleno’s insights into client payment behaviours, the firm has been able to concentrate on providing unparalleled legal services to their clients. The improvements in cash flow and time management have not only contributed to Yang Law Offices’ ongoing success but have also laid the foundation for future growth and expansion.