How a Leading Tax Law Firm Reduced Outstanding Accounts Receivable with PracticePanther
About KKOS Lawyers
Kyler, Kohler, Ostermiller & Sorensen LLP (KKOS Lawyers) is a leading multi-practice law firm with over 20 years of experience in providing comprehensive legal advice to business owners and individuals nationwide. With offices in Utah, Phoenix, Orange County, and Idaho, KKOS specializes in business planning, estate planning, tax planning, self-directed retirement planning and ERISA, securities law, litigation, government relations, and real estate. The firm has helped thousands of clients achieve their American Dream by providing tailored and effective legal advice to meet their unique needs.
Executive and Accounts Receivable Manager
KKOS Lawyers' Challenges
Despite serving tens of thousands of clients across the nation, KKOS Lawyers faced two significant challenges that were hindering their growth and profitability. Let’s explore them.
Costly Billing Practices
KKOS faced their first challenge in finding an efficient and flexible practice management solution that could meet the complex billing needs of a tax law firm while reducing the stress on internal staff. KKOS Lawyers tried various solutions over the years, but most have lacked the capabilities they require to operate a growing firm effectively. Their previous solution involved excessive printing, scanning, and mailing of documents and invoices, which resulted in hard costs of nearly $3,000 per month for postage alone.
Lack of Cloud-Based Accessibility
Moreover, KKOS Lawyers dealt with a vast amount of confidential information for their clients and manage a high volume of cases. Unfortunately, their previous practice management solution required them to host servers in each of their offices, which added significant expenses, complexity, and security risks to their operations.
“When we were expanding, the thought of placing a server in each of our offices was a huge expensive we wanted to avoid,” said Shantelle. “Our two partners travel often, and when they needed to access something they would have to call the office and ask to have a document emails, which is a waste of time and a security risk if you can’t access with a VPN”
Mounting Accounts Receivable
In addition to inefficient practice management, KKOS Lawyers struggled with high accounts receivable due to their legacy systems and processes. Before implementing PracticePanther, 60% of their AR was 60 days past due, and they were committed to reducing this figure significantly.
How PracticePanther Helped KKOS
To overcome the challenges of an inefficient practice management solution, KKOS Lawyers turned to PracticePanther and its cutting-edge cloud-based technology. By adopting PracticePanther's intuitive and secure platform, KKOS Lawyers was able to automate invoicing, streamline operations, and reduce overall accounts receivable. Moreover, the firm could offer clients a transparent and easy-to-use portal for document sharing and communication.
Significantly reduced outstanding accounts receivable
Shantelle praised the results achieved since implementing PracticePanther, stating: "Before we implemented PracticePanther, our accounts receivable was humongous at 60% 60-days past due, and this was before the dollar amount we push out now. Last month, our accounts receivable was only 16% 60 days past due, which is amazing. The transparency, efficiency, and ease of use of PracticePanther have made a significant impact on our operations, allowing us to provide even better services to our clients."
KKOS Lawyers has revolutionized their internal billing process by implementing PantherPayments, PracticePanther's online payment processor. This has resulted in significant time savings for attorneys, with what used to take nearly a full day per attorney now taking just a few hours.
Cut overhead costs
With PracticePanther's assistance, KKOS not only reduced their outstanding accounts receivables but also eliminated the need for hiring additional staff. PracticePanther's seamless integration with their case management system ensured that any changes made at the matter or case level was instantly reflected in their invoices or any other documents. This minimized data discrepancies, scaled down the need for hiring additional staff, and reduced the workload at the end of the month.
KKOS Lawyers' Achievements by Implementing PracticePanther
Law Firm Growth
Cut Overhead Costs
Reduced Accounts Receivable
Automating internal and administrative tasks eliminated the need for additional staff.
Using PracticePanther’s built-in online payments processor drastically reduced the law firm’s accounts receivable.
An intuitive cloud-based solution helped KKOS Lawyers expand without costly servers or dedicated IT personnel.
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