Collection Agency Letting You Down?
Phone calls and letters to people and companies that owe you money aren't getting the results they once did. Sending collection items to a contingency attorney seems to be generating less and less money back to you. What is going on?
Clearly an increasing amount of people and companies are not paying their bills as they come due. Some don't pay because they can't, some because they won't. There appears to be less concern today about credit scores and reputation, and more concern on not paying anyone they don't have to. There is a growing population of strategic deadbeats.
Referring those collection items to a contingency attorney seems like a good solution; no cash outlay and the attorney should have ample incentive to collect on those items. Or is it incentive to collect on those items that generate the greatest return to the lawyer with the least amount of work? What is the lawyer's incentive for going after that marginal dollar? Who decides which claims will be pursued and which ones won't? Is it you or the attorney?
The answer for my business clients is to view collections the same way they view the rest of their business; hands on, focusing on the return on investment, and the total dollars.
Hiring a collection agency or contingency attorney isn't free, they are taking 30 to 50% of your gross revenues! Protect your profits and get a return on investment on your collection dollars by trying a different approach. An approach that has generated a return of investment to the business owner of up to $4 for every dollar invested and averages around $2 for every dollar invested. How would you like to receive a recovery and not pay 30 to 50%?
Simply put, hire an attorney who is focused on process and not just picking the low hanging fruit. Try a program that provides maximum recovery, allows you to call the shots, and provides full transparency as to the collection process. Call me to discuss how we can design a collection program for your business.
Call 720-443-4127 or contact us by e-mail to arrange an initial consultation or case evaluation directly with an experienced Denver Colorado collections attorney.