Collections Specialist

2 months ago

New York, United States Mound Cotton Wollan & Greengrass LLP Full time

Founded in 1933 and headquartered in New York’s Financial District, Mound Cotton is among the oldest and most respected law firms in New York City, offering preeminent legal services in a wide array of practice areas.


At Mound Cotton, we are dedicated to delivering exceptional legal services to our insurance clients across a broad range of areas. As a leader in representing both insurance companies and the insured, we strive for operational excellence in all aspects of our business. . As a leader in representing both insurance companies and the insured, we strive for operational excellence in all aspects of our business. To support this mission, we are seeking a dynamic and experienced Collections Specialist to join our team. This critical role will help us reduce accounts receivable (AR), enhance cash flow, and ensure the prompt collection of overdue client bills through our e-billing platforms.


We are looking for a results-driven professional with extensive experience in collections within the legal industry. In this role, you will take the lead in reducing AR balances and accelerating the collection of overdue payments, overseeing all aspects of the collections process, including e-billing management and coordination with internal stakeholders.


The ideal candidate will be proactive, highly organized, and skilled at maintaining positive client relationships while resolving payment issues. You will operate as both an individual contributor, executing collections based on team KPIs, and a key player in ensuring the efficient processing of invoices through client-specific e-billing platforms


Key Responsibilities:

  • Collections Specialist Role:
  • Contact clients regarding overdue bills via email, phone, and written correspondence, maintaining a professional yet firm approach.
  • Leverage Aderant’s collection module software to analyze client account histories, identify payment trends, and flag potential delays.
  • Coordinate with attorneys and support staff to resolve disputes or e-billing rejections using BillBlast and Aderant as the primary communication platforms.
  • Ensure timely follow-up on overdue invoices, utilizing the Aderant Collection Module and prior communication notes to maintain strong client relationships.
  • Collaborate with finance and accounting teams to apply payments accurately and resolve misallocations or client advances related to vendor payments.


Shared Leadership and Coordination:

  • Oversee daily collections operations, monitoring team performance against KPIs and ensuring adherence to collections policies and best practices.
  • Develop and implement KPI performance metrics to drive efficiency, focusing on AR reduction and rapid collection of overdue bills.
  • Collaborate with and mentor the collections team, fostering a culture of continuous learning, communication, and coordination for optimal team performance.
  • Assess the effectiveness of current collections processes and recommend improvements or technologies to streamline workflows and reduce delinquency.
  • Master and optimize client BillBlast e-billing systems, ensuring that all invoices are submitted according to client-specific requirements and timelines.
  • Troubleshoot e-billing platform issues or invoice submission errors to prevent delays in payment processing.
  • Collaborate with the Cash Receipts team to apply payments to multi-party invoices and reconcile statements.
  • Work with firm leadership to develop strategies to effectively manage and reduce AR balances.


Client e-Billing:

  • Stay on top of the submission and monitoring of invoices through client e-billing platforms (e.g., Serengeti, CounselLink, etc.).
  • Ensure compliance with client billing guidelines, addressing any rejected or disputed invoices promptly to resolve issues.
  • Partner with the billing and finance teams to ensure all invoices are accurate, complete, and submitted in a timely manner.
  • Regularly communicate with clients to ensure proper submission, approval, and payment of invoices through their respective e-billing systems.



Qualifications:

Education:

  • Bachelor’s degree in finance, accounting, business administration, or a related field.
  • Experience:
  • Minimum of 5 years of experience in a collections role within a law firm or professional services environment.
  • Proven track record of reducing AR and improving cash flow in a legal or corporate setting.
  • Strong understanding of Aderant, BillBlast and client e-billing systems (Serengeti, Legal Tracker, CounselLink, Tymetrix, etc.)
  • Proficiency in managing the e-billing process from start to finish.
  • Prior supervisory or management experience leading a collections or finance team in a fast-paced, results-driven environment a plus.


Skills:

  • Exceptional communication and negotiation skills, with the ability to balance assertiveness with diplomacy in dealing with clients.
  • Proficient in using collections management software, e-billing platforms, and legal billing software (e.g., Aderant Collection Module, BillBlast, etc.).
  • Strong analytical and problem-solving skills, with the ability to identify issues impacting payment and propose effective solutions.
  • Ability to work independently and manage multiple priorities in a deadline-driven environment.
  • Strong organizational and project management skills with a keen attention to detail.

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