Collections Manager

This job was posted by https://illinoisjoblink.illinois.gov : For more information, please see: https://illinoisjoblink.illinois.gov/jobs/13765418 POSTION SUMMARY The firm seeks an experienced Collections Manager to oversee its accounts receivable and collections function. Reporting to the Director Billing & Collections, this individual will join a collaborative finance team, working closely with attorneys and finance leadership to optimize collections for the firm. The ideal candidate is a thought leader who can drive the function toward best practices. This is an exempt position based in our Chicago office. ESSENTIAL JOB FUNCTIONS - Oversee the firm's collections process, including monitoring aged accounts receivable and work-in-process (WIP) balances, and initiate the review, research, and resolution of all client receivables - Utilize analytics to identify heightened collections risks associated with certain clients, matters, etc., as well as critical moments in a matter to catch up on collections or to require payment before proceeding. Build improved processes or policies to lower the risks - Coordinate the biannual Collections Push, including forecasting likely collections - Participate in key internal control oversight and documentation - Analyze credit worthiness of clients and design mitigating retainers and/or payment terms as appropriate - Develop and implement collection strategies in coordination with billing partners, primary team leaders, and the wider Revenue Cycle team - Manage escalation procedures for delinquent accounts - Contact clients directly to collect past-due invoices and resolve underlying issues, communicating in a professional and diplomatic manner consistent with the firm's reputation - Respond to client inquiries regarding accounts receivable balances and payment information - Coordinate with billing attorneys to resolve invoice disputes and discrepancies, and notify attorneys of delinquent accounts, assisting as needed - Prepare and distribute accounts receivable aging and collections reports - Provide finance team management with recommendations on accounts to be referred to firm counsel, including payment history and supporting documentation, along with write-off recommendations for uncollectible accounts - Ensure adjustments and write-offs are documented and recorded promptly - Prepare reminder statements for attorneys and send to clients as requested; provide financial information for audit letters - Oversee the supplying of new client vendor forms, EFT forms, W-9s, tax withholding waivers, etc., to clients - Maintain accurate records of all collection efforts within the firm's financial management system - Supervise collections staff, providing guidance on best practices and ensuring completeness and accuracy of their assigned work - Design, document, and train finance team members on new processes to support client- or firm-driven changes - Demonstrate strong leadership skills, fostering a supportive atmosphere that encourages teamwork - Perform other collections-related duties as requested QUALIFICATIONS AND REQUIREMENTS - Bachelor's degree in Accounting, Finance, Business Administration, Economics, Mathematics or a related field preferred - 5+ years of collections or accounts receivable experience, ideally within a law firm or professional services environment - Prior supervisory or team leadership experience - Working knowledge of legal billing systems (e.g. 3E of Aderant) strongly preferred - Excellent communication and interpersonal skills, with the ability to interact diplomatically with clients, attorneys, and firm leadership - Proven ability to develop and implement effective collection strategies - Str ng analytical skills, with experience preparing and interpreting aging reports and financial data Disclaimer Additional Duties This job description is intended to provide a general overview of the primary duties and responsibilities for the position. It is not an exhaustive list of all tasks or responsibilities that may be assigned. The role may include additional duties, specialized projects, and other tasks as required. The firm reserves the right to modify or adjust the responsibilities to meet business needs. Physical Requirements Candidates must be able to meet the physical demands of the position, including the ability to commute to the office as required on designated in-office days based on the position. The firm is committed to providing reasonable accommodations in accordance with the Americans with Disabilities Act (ADA) for qualified individuals with disabilities. Eligibility Requirement In compliance with federal law, all persons hired will be required to verify identity and eligibility to work in the United States and to complete the required employment eligibility verification form upon hire.