When you’re trying to get businesses to pay what is owed to you, you have options. You could attempt to collect on commercial accounts on your own. You could hire a collections agency that specializes in commercial collections. You could opt to sell the debt. Finally, you can choose an experienced commercial collections attorney. The right commercial collections attorney will give you more access to remedies to get you paid. Here are 6 tips to help you choose a commercial collections attorney.
1. Do Your Research
You have a lot of options to choose from. Make sure that you do your research. Does the attorney have any outstanding complaints? Has the attorney been sanctioned in some way by the bar association or a state agency? What sort of record does the commercial collections attorney have? Is he AV Rated on Martindale and does he receive top billing as a Super Lawyer?
2. Understand the Fee Structure
Your commercial collections attorney will charge you a fee. The questions to ask include: Does the fee include court or will any necessary court filings be separate? Is the retainer refundable or non-refundable? You should also make sure that you know the hourly rate for the attorney.
3. Ask Who Will Work on Your Accounts
When you hire an attorney for any reason, it is likely that the attorney won’t be the only person in the law office who handles your case or returns your phone calls. Knowing in advance who will be in contact with you or, alternatively, who you can contact if you have questions can help make the experience better for you. You want to work with a legal team with the experience and knowledge to help you collect on your judgment.
4. Get and Check References
There are laws associated with commercial collections that must be followed. You also want to maintain your reputation. Make sure that you get and check references from the potential commercial collections attorney. You want to hire an attorney will a stellar reputation within the legal and business communities.
5. Consider Your Return on Investment
When hiring a commercial collections attorney, it is important that you consider the return on investment. Larger accounts with outstanding debts can hurt your business’s bottom line.
6. Learn about Your Potential Legal Options
Ask the potential collections lawyer what potential legal options you have to get paid. Each collections account can be different. Some factors that may affect your options include when the account was opened, whether there is a signed contract, and when the last payment on the account was made. The attorney should be able to explain your options to you in a way that is easy for you to understand.
For more information on how to collect on a business debt, contact experienced commercial collections attorney Ronald P. Slates today.