LexisNexis Affinity users can now integrate their practice management system with FeeSynergy’s automated debtors collection software, FeeSynergy Collect.
Collecting debtors is one of the least-liked activities of running a law firm business. It requires constant attention, difficult conversations with clients and persistent follow-ups. Slip-ups in any of these steps ends up with a worsening debtors situation. With FeeSynergy Collect, these disliked and manual tasks are automated in a way that is appropriate in a professional services context.
FeeSynergy began 12 years ago as a fee-funding company, servicing accounting and legal practices. As a result of providing funding solutions, the company became familiar with the debtors challenges of professional services firms and created collections software.
Malcolm Ebb of FeeSynergy told Legal Practice Intelligence that it is not uncommon for accounting firms to have an average debtor days of 65 to 90 days. We asked Mr Ebb, whose debtors are worse, accountants or lawyers? He said, from his experience, law firms have worse debtors than accounting practices. 100 debtor days is not uncommon in law firms.
Functionality of FeeSynergy Collect includes:
- Automated email payment reminders – fully configured to your business rules
- Online Payment Gateway
- Fee Finance monthly payment option
- Integrated to leading practice management systems
- Invoice Presentment
- Partner Dashboard
FeeSynergy Collect has a track record of reducing debtor days by half to two-thirds. Currently the law firm software is only available to users of LexisNexis Affinity.
FeeSynergy continues to offer fee-funding finance to law firms independent of the practice management system used.
More at https://feesynergy.com.au