-: Hello. My name is Richard Bailey.
The company that I work for is Fish and Richardson.
It's a law firm
and my title is accounts receivable coordinator.
So a little bit about my job that I do.
Is one of the things that Fish
and Richardson represent clients that will go to court
for intellectual properties, trademark, and patents.
And so my portfolio that I have is I'm
in charge of 200 clients and we have a team of 10.
And the main thing that I do is
I reach out to the clients every 60 days by email
to collect on the services that we've rendered for them.
So the good thing that, and when they brought me in
they said that
Richard, we do what's called soft collections.
So we don't typically call anyone.
But all of our communication is by email.
And we send the email, 60 days, after the 60 days
we wait for a response
and then we do a two week follow up
every time, after we send it out at the 60 days.
Some clients respond at the 60 days
others don't respond
and then we do what's called a follow up.
And then a third follow up.
So in the event that a client does not respond
then every client is given an attorney.
And so the assigned attorney for that client
then we reach out to them.
We say the the client isn't responding.
What is your guidance in trying to get the collection?
The important part
of getting the collections is,
there's two parts of the invoice.
There's fees.
And there's cost.
Cost is what the attorney gets.
Fees is what we receive to generate revenue.
So that's why it's two purposes of it's being important.
One for us to receive revenue
and then two, for the attorney to get paid.
So what they do is
if there's anything that they want to dispute
then we have another department which is
called the billing department.
Any dispute on any time that is rendered for them
then we then reach out to the billing team
and work with them to try to get that corrected
so we can make sure the invoice is correct.