As we all know, today’s environment is radically different than anything we have encountered over past years. When Hiday & Ricke was founded in 1984, compliance was an afterthought by virtually everyone. Today, it’s on the forefront and plays an important part in any decision concerning the selection of law firms or other vendors that have to do with collection of consumer debts.
With that in mind, how do you go about the process? How do you make sure that the firm you are employing is the one that will keep you out of trouble while maximizing your return? The following are a few suggestions that you should consider the next time you have to select your collection lawyer:
Is the firm experienced?
Do they have a “deep bench” of attorneys with little turnover or disruption in their business model? Often, professional associations will dissolve or have substantial turnover in their legal staff, creating issues that otherwise would not be of concern.
How sophisticated is the firm when it comes to things like technology, compliance and knowledge of the law?
Is their behavior in accordance with legislation? Do they regularly perform in house training of their legal staff? Does the bar recognize and give credit for this training?
Is the firm insured?
You might be surprised to learn that many collection firms in Florida do not have malpractice coverage. Where does that leave you in the event that you are sued due to their mistake?
Are members of the firm “AV” rated?
This rating signifies that the lawyer has reached the heights of professional excellence, practiced for a number of years and is recognized for the highest levels of skills and integrity.
Does the firm cover a reasonably sized geographic area?
Generally firms that cover an entire state are preferred because it takes fewer relationships to get the job done. The confusing part comes in when you find firms that are simply too big and make promises that they cannot fulfill. There is a current trend in law firms to attempt to go “nationwide”. Only time will tell whether these efforts will be successful. Some have failed already. Many past attempts have ended in near disaster due to the complexity of such efforts.
How does the bar list the lawyers in the firm?
In Florida, for example, it is very easy to tell if lawyers have been disciplined in the past ten years. It’s important to check on such things because they give you insights into the ethical standards and professionalism of the lawyers you are considering.
Does the firm offer web-based status systems, secure file uploading and free client legal updates?
This makes the experience modern and user-friendly for those who prefer to track their records and progress digitally.
Choosing a law firm can be a tedious and difficult process. We hope that the above considerations will make the job a little easier. Please contact us at [phone2] if you would like more information on our collections firm or if we can assist you in any way.