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    Collections Manager - Chicago, United States - Vedder Price

    Vedder Price
    Vedder Price Chicago, United States

    1 day ago

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    Description

    Vedder Price's Chicago office is seeking a Collections Manager. The Collections Manager is a key member of our management team by facilitating effective accounts receivable and relationship management for the billing attorneys and their clients to accurately maintain and collect account balances within the specified terms of engagement. The Collections Manager will play a key role in reducing unbilled and A/R days outstanding, in turn maximizing collections, lead the collections and applications team, and will also work closely with the Billing team on the status of unbilled amounts and application of unallocated receipts.While working directly with their team, this person will liaise directly with the Assistant Controller, Controller and CFO, to proactively support billing attorneys on collection issues, work directly with clients on collections, prepare weekly status reports that highlight trends, and alert management as to potential collection issues and a recommended course of action early in the process.The Collections Manager will also ensure the best use of technology solutions and train the team on best practices.

    As the Collections Manager, your duties will include but not be limited to:

    • Overall management of our collection function, while implementing best practices and leading the team in cash applications.
    • Work closely with attorneys on past-due balances and contact clients as requested.
    • Generate client account statements in accordance with Firm protocol.
    • Routinely update collections activity commentary in collection software to provide senior leadership with collection status updates.
    • Ensure timely research of unidentified cash receipts and where appropriate collaboration with attorneys, billing managers and coordinators to ensure timely identification and application to client invoices.
    • Respond to client inquiries regarding billings and statements.
    • Prepare past-due balance reports to attorneys and management, along with a recommended course of action.
    • Manage the creation and distribution of various reports to management and other departments including the daily incoming wire activity, cash receipts results reporting, benchmarking information on volume of checks vs. wire receipts, On Account credits reporting, accounts receivable write-off reporting, analyses identifying client payment trends and potential underlying issues and escrow activity. In each case, providing timely and actionable information.
    • Liaise with conflicts/client intake team on credit checks.
    • Oversee the Firms Client Trust Accounting transactions by coordinating with firm attorneys, management, clients and the bank on escrow related activity.
    • Develop and implement accounting procedures as they relate to Firm and department policies, etc. for more efficient processing of accounting-related work.
    • Oversee training and support to members of other departments concerning accounting procedures as they relate to the accurate preparation and submission of paperwork for cash receipts, credits, write-offs and escrow transactions.
    • Directly supervise and manage employees, being responsible for their overall direction, coordination, and evaluation. Carry out supervisory responsibilities in accordance with the firm's policies and applicable laws. Responsibilities include hiring, interviewing and training; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints and resolving problems; making recommendations for promotion, compensation, and termination.
    • In collaboration with management, develop policies and procedures that result in increased staff efficiencies.
    • Performs audits of work completed by Accounts Receivable personnel to evaluate the quality and accuracy of information processed and ensure internal controls are followed.
    • Lead the year-end collection process in working directly with our Shareholders and management team on estimated Q4 collections and providing weekly updates to management on collections progress.
    • Participate in financial system implementation for the Accounts Receivable function.
    • Other ad hoc requests and reporting as requested by management.
    Skills & Competencies:
    • Excellent interpersonal, verbal, and written communication skills. Ability to communicate with courtesy and diplomacy, efficiently follow written and verbal instructions, provide information, and maintain effective relationships with a diverse group of attorneys, clients, staff, and outside contacts.
    • Outstanding analytical skills requiring an aptitude for detail, precision, and logic with comprehensive knowledge of complex accounting principles and practices in order to conduct detailed analysis of cash receipts and escrow operations.
    • Exhibit high degree of initiative and critical-thinking skills in exercising independent judgment and making decisions in order to manage multiple priorities in a fast-paced, deadline-driven, detail-oriented work environment, and ensure work is completed within strict deadlines.
    • Supervisory/managerial skills necessary in order to interact and communicate with subordinates, provide instruction/direction/training, determine work priorities, and coordinate the activities of a work team.
    • Excellent organizational skills including record keeping, data collection, and system information. Ability to compile and analyze data and furnish concise, detailed information in report format, written correspondence, e mail, or verbally.
    • Ability to perform complex mathematical calculations and apply mathematical concepts when computing, reconciling balances, verifying numerical data, preparing various accounting reports.
    • Proven track record of collections success.
    • Professionalism in dealing with attorneys and clients (diplomatic but assertive).
    • Proactive with excellent troubleshooting, problem resolution, and follow-through skills.
    • Accuracy and attention to details is a must.
    Qualifications & Required Experience:
    • Bachelor's degree in finance, accounting or business administration required.
    • Prior law firm or professional services accounting and collections experience required.
    Computer Skills:

    To perform this job successfully, an individual must be proficient in the following software:
    • Proficient with MS Excel spreadsheets, including features such as pivot tables, charts and graphs and formulas; Proficiency with MS Word and PowerPoint software.
    • Experience with Elite or 3E Accounting software is a plus.
    Equal Employment Opportunity

    Vedder Price P.C. is an equal opportunity employer. We value and encourage diversity and solicit applications from all qualified applicants without regard to race, color, gender, sex, age, religion, creed, national origin, ancestry, citizenship, marital status, sexual orientation, physical or mental disability (where applicant is qualified to perform the essential functions of the job with or without reasonable accommodations), medical condition, protected veteran status, gender identity, genetic information, or any other characteristic protected by federal, state, or local law. We participate in E-verify.

    Applicants who are interested in applying for a position and require special assistance or an accommodation during the process due to a disability should contact the Vedder Price Recruiting Team at

    Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

    The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR c)
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