Focus on Prevention, not Collections

Many firms spend a lot of time trying to collect bad debts instead of preventing them in the first place. You can change that with a good file opening system, with your Managing Partner approving all new clients and files over a certain size.

A credit limit system is the other half of the prevention solution. Combined with a good file opening approval system, the credit limit system works just like Sears or Macy's in approving your new credit card.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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