Firm Overview:
This award-winning, mid-sized, Am Law 200 firm is headquartered in New York City and has 200+ attorneys. The firm spans across three offices -- in addition to their headquarters in NYC, they also have offices in both Miami and Los Angeles. The three locations serve a diverse client base that spans around the globe. No matter the office or location, they are known for getting the job done right, and doing it with integrity, efficiency, and style. They offer an informal, friendly atmosphere that encourages hard work, growth, and balance.
Position Overview:
The Collections Manager is responsible for overseeing the collection of outstanding debts from
clients, developing collection strategies, and ensuring compliance with regulations. The role
involves analyzing financial data, negotiating payment plans, and maintaining accurate records
to optimize cash flow and minimize bad debt.
Responsibilities:
- Create and implement strategies to improve collection rates.
- Analyze accounts receivable data to identify trends and areas for improvement.
- Develop and enforce collection policies and procedures, standard across legal industry.
- Contact clients to negotiate payment terms and resolve outstanding balances.
- Handle escalated collection issues and disputes.
- Maintain positive relationships with clients while ensuring timely payments.
- Prepare regular reports on collection activities, outstanding debts, and performance metrics.
- Analyze data to forecast collection trends and set goals.
- Recommend improvements to collection processes based on data analysis.
- Ensure all collection activities comply with relevant laws and regulations.
- Stay updated on changes in collection laws and industry best practices.
- Coordinate with legal departments for accounts requiring legal action.
- Ensure proper documentation of payment agreements and communication with clients.
- Participate in strategic planning and budgeting processes, providing financial expertise and analysis.
- Collaborate with Practice Leaders on the profit management of each practice area.
- Assist with the implementation of a collection module like ARCS.
Requirements:
- Bachelor’s degree or higher in finance, accounting, business administration or a related field.
- Minimum of 5 years of experience in collections, with a focus in legal.
- Detail-oriented team player with a "willing" attitude and excellent communication skills.
- Strong knowledge of legal billing procedures and regulations.
- Strong knowledge of legal cash collections and best practices.
- Strong analytical and problem-solving abilities.
- Experience working with ERP platforms and BI dashboards. Preferred experience with 3E,
- Iridium and ARCS.
- Able to effectively interact and communicate professionally with attorneys, clients, secretaries and staff.
- Able to work well both independently and within a team, possess a strong work ethic and function effectively in a fast-paced environment.
- Ability to work under pressure and meet tight deadlines.
- Willingness and comfort level working directly with firm Partners, whenever necessary.
- Willingness and ability to work in the office 3 days a week as this is a hybrid role.
Compensation & Benefits:
- The salary offered to a successful candidate will be approximately $80,000-$120,000 and is dependent on several factors that may include, but are not limited to, years of experience within the job, years of experience within the required industry, education, etc.
- This firm offers a comprehensive benefits package including, Health Plans (PPO or EPO health plan), Dental Plan (PPO or DMO dental plan), Vision Plan, Life Insurance/AD&D, Short- and Long-Term Disability, Flexible Spending Accounts, 401(k) Plan, Commuter Benefit Plan, EAP (Employee Assistance Program).
