In the previous four articles of this five-part series on B2B collections we’ve covered accounts receivable management, cash flow, communications, and collections issues. In this fifth and final part of the series we’ll refresh you on the basics of when to hire a collections attorney, and the benefits you can gain from doing so.
In the article titled When To Hire A Lawyer Or Collection Agency To Collect Debt we stated that lawyers who specialize in debt collection can be more effective than a collection agency, especially if the debt is serious enough to warrant legal action. We further cautioned against going to a collection agency first and then hiring an attorney later. Why is this? Because it is by far the most expensive scenario. In many circumstances it is much more cost effective to go to an attorney from the get go, especially if you ultimately take the matter to court.
In one of our most recent articles titled B2B Collections: When To Hire The Services Of An Attorney we discussed when you should hire the services of a collections attorney, and what the overall role of a collections attorney should be. When to hire a lawyer can sometimes be a factor of how past due your accounts receivables are, or that you simply have the need to hire the services of a professional to handle your collections so that you can concentrate on conducting your sales-generating business activities. Or it can be a factor of both.
Finally, when hiring an attorney it is always important to ensure that their objective is not merely to collect money from your late-paying or no-paying customers, nor should you hire an attorney who employs aggressive or adversarial tactics in his or her collections activities. A critical function of a collections attorney should be to facilitate the healthy continuity of the business relationship.
We hope our five-part refresher series on B2B collections has been useful for you. Our endeavor was not only to provide you with repeated insights on how to improve your accounts receivable management, but also to consolidate related articles according to the five major themes we cover so as to provide you with a more convenient reference. We encourage you to bookmark these latest five articles and refer to them often.
The Jayaram Law Group routinely and successfully assists its clients in their business-to-business (b2b) collection needs. We take pride in obtaining payment on accounts receivables without fracturing critical business relationships or engaging in time-consuming and costly litigation efforts.
If you need business debt collection services conducted in a professional manner, contact our B2B (business-to-business) debt collection law firm by calling 312.454.2859 or visiting www.jayaramlaw.com.