Many businesses lose money because clients do not pay what they owe to the company. This puts a severe strain on any business’s cash flow, and smaller businesses are particularly vulnerable to the negative impacts that these types of owed debts can bring. Some business owners do not have the time, energy, or desire to pursue these debtors, and many business owners are unaware that they can enlist the expert and professional debt collection services of an experienced attorney who offers these types of legal services.
Factors to Consider When Selecting a Debt Collection Attorney
Before hiring any lawyer to pursue any of your owed debts from other parties, it is essential to carefully consider which legal firm is the right one for your debt collection processes. Always do your research into any lawyer or law firm before making your final decision. There are several routes that business owners may take when in pursuit of funds owed to them by others. Some hire outside parties, such as collection agencies, but it is often wise to retain an experienced lawyer trained in these delicate negotiation matters instead.
This can help a business owner avoid being accused or sued for harassment or other nefarious debt collection tactics often used by some debt collection agencies. An attorney with ample experience in these legal matters will know what is legal and what is not. In addition, they are skilled negotiators who employ more effective forms of communication and fair negotiation tactics to get the results their clients desire. There are several crucial factors to consider when selecting an attorney to pursue your debtors. Failure to conduct this type of vetting can have a disastrous result. Factors to consider include:
1. Check to Ensure the Attorney Has the Proper Legitimate Credentials
Don’t base your choice of lawyer decision on advertisements that a lawyer or law firm may put out. It is essential to do your research first. Be sure to check the legitimacy of any credentials prior to making an informed decision. Some states offer attorneys various special certifications for additional training. For example, an attorney may specialize in criminal law, elder abuse cases, or consumer fraud court cases. While any lawyer can offer debt collection services, hiring one specializing in these types of cases is usually best for the best results. You should also check with your local Bar Association to ensure your lawyer is well-standing. This can help to weed out attorneys who may have past client complaints against them.
2. Consider the Geographical Area Where the Attorney Practices Law
Every state has different laws and regulations concerning debt collection practices. It is usually best to hire a local attorney who will understand the rules and laws governing this area of law and this unique geographical location. A good lawyer will keep abreast of any changes in these laws to avoid problems while conducting legal services against your debtors.
3. Does the Attorney Have the Right Background, Training & Experience You Need?
There are different types of debt collection attorneys, and it is wise to pick an attorney who best meets your specific legal needs. For example, there are bankruptcy lawyers, commercial and business debt collection attorneys, and consumer rights lawyers. Most attorneys display their credentials in their offices and provide details about their education, background, and awards on their websites.
4. Be Up Front & Ask About Attorney Legal Fees for Services
Lawyers and firms charge different legal fees and other costs for their expert services. Before incurring any legal expenses, it is essential to be honest about your unique legal needs and financial situation.
5. Get Referrals & Ask for Client Testimonials or Past Case Histories
Many attorneys will provide information or contact details regarding past clients, which can give you a better idea of how this attorney operates and deals with clients. Most successful attorneys will have numerous positive client recommendations and happily provide past case histories.
Take Advantage of Free Consultation Appointments
Many lawyers offer prospective clients lowered-cost or free consultation appointments. This is an excellent method of getting acquainted with an attorney and discerning their personality, communication style, and business professionalism.
Evaluating an Attorney’s Experience and Expertise
Inquire about each attorney’s specific background and training and ask what types of debt collection cases they have handled. An honest attorney will happily provide their case success history and details regarding their education, certification documents, and past client referrals and recommendations.
Understanding Fee Structures and Payment Options
Attorneys have different methods for their fee structures and payment options. Always take the time to question and fully understand these critical financial details. Read any contract thoroughly before signing or agreeing to any terms of legal service. An attorney may collect fees upfront, over time, or after services are rendered. Some take a percentage of their cases’ successful outcomes. When hiring a debt collection attorney, they will have various ways to pursue these goals. Most will send a demand letter alerting your debtor of what is owed and that you are taking legal action. This may be followed by other contact and collection efforts, and the process may also include wage or property garnishment or other legally allowed debt collection tactics.
Building a Collaborative Relationship with Your Attorney
It is crucial to have an excellent collaborative relationship with your selected attorney. Take the time to explain fully your desired outcomes of their proposed services. You should feel confident in your chosen attorney; meeting the attorney is the best way to begin this relationship. Your attorney should also stay in contact with you regarding the status of your cases.
Find an Experienced Debt Collection Lawyer Today
Contact the law offices of Goldberg & Oriel | Attorneys at Law for reliable debt collection services here.