In this eye-opening episode on the topic of accounts receivable, we are joined by financial expert Darren Wurz. Darren is the managing partner at Wurz Financial Services and author of “The Lawyer Millionaire.” He shares practical and actionable insights on managing accounts receivable (A/R) in law firms.
To find out why some law firm owners have A/R, Darren explains the psychology behind money, why it’s often a taboo topic, and how to reset our money mindset. He encourages law firm owners to take action to properly manage A/R to banish lost opportunity cost and embrace law firm growth and profitability.
“If there is A/R that’s sitting out there, it needs to be part of your workflow. It needs to be a priority on your schedule. So schedule time during your week either you or members of your team are going to call or going to follow up with those clients and try to get that money collected.” – Darren Wurz
Key Takeaways
- Understanding and overcoming the psychological barriers to discussing money and A/R
- The importance of implementing systems to prevent A/R accumulation
- Strategies for collecting existing A/R, including prioritization and time-based tracking
- How proper A/R management impacts law firm growth
Links & Resources
– Episode 61: The Lawyer Millionaire
– Darren Wurz, Wurz Financial Services / The Lawyer Millionaire
– RJon clip from chapter 13, page 120 of the Profit First for Lawyers book
– Profit First for Lawyers curated resource page
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