CollBox Featured in ABA’s “Best of 2025” Law Practice Podcast
CollBox Team
We’re honored to share that CollBox co-founder Matt Darner was featured in the American Bar Association’s Law Practice Podcast special episode: “Best of 2025: The Law Firm Finance Lessons Every Lawyer Needs.”
This “best of” compilation brought together insights from the year’s most impactful conversations on law firm finance, and we’re grateful to be included alongside other respected voices in the legal industry. The episode highlights essential finance lessons that every attorney needs to hear—from trust accounting fundamentals to practical technology tips for avoiding financial pitfalls.
Why Cash Flow Remains the Silent Struggle for Law Firms
In his segment, Matt addressed one of the most pervasive yet rarely discussed challenges facing law firms: the uncomfortable relationship attorneys have with asking for payment.
“Attorneys, and people in general, often dislike asking for money because it feels like it disrupts the client relationship,” Matt explained. “Consequently, they ask for money inconsistently, leading to an accumulation of accounts receivable and an inability to pay upcoming bills.”
This observation cuts to the heart of why so many otherwise successful law firms find themselves struggling with cash flow. It’s not a capability problem—it’s a consistency problem. The discomfort of “the money conversation” leads to sporadic follow-up, which compounds into aging receivables and mounting financial stress.
Matt also described a pattern we see repeatedly at CollBox: firms work on retainer, but fail to get those retainers replenished in time. Meanwhile, the legal work continues, trust accounts get depleted, and accounts receivable pile up. It’s a cycle that’s far too common and entirely preventable.
Rethinking the Retainer Conversation
The podcast also explored the nuances of retainer strategy—an area where conventional wisdom doesn’t always apply.
“While coaching groups often advise doubling the retainer amount,” Matt noted, “pricing must depend on the clientele. For middle-class or lower-income clients, putting up large retainers—$10,000 to $50,000—is often not feasible, even if the case lifecycle costs that much. Attorneys serving these clients must find smart strategies to work around these limits.”
This is a critical point that often gets lost in blanket advice about law firm finance. The “just charge more upfront” approach doesn’t account for the reality of serving clients across different economic circumstances. Smart cash flow management requires understanding your specific client base and building systems that work within those constraints.
Put the Right People in the Right Seats
Perhaps the most actionable advice Matt shared centered on delegation and hiring strategy.
“Put the right butts in the right seats,” he emphasized. “Sales, accounting, or legal staff should be people who want to be in those roles.”
For attorneys who went to law school to practice law—not to chase invoices or manage spreadsheets—this philosophy is liberating. Matt agreed with the common advice that an attorney’s first hire should be an executive assistant, because there are people who excel at administrative tasks that attorneys often struggle with or simply don’t enjoy.
“An attorney must consider the difference between a $10/hour task and their own billable rate,” Matt added.
When you’re billing $300 or more per hour, spending time on collections follow-up isn’t just uncomfortable—it’s economically irrational. That time directly subtracts from revenue-generating work and often leads to the inconsistent outreach that causes cash flow problems in the first place.
A Conversation Worth Having
The full episode features valuable perspectives from all three guests. Amy Woods provided essential guidance on trust accounting and surviving audits—a topic that strikes fear in many attorneys but doesn’t have to. Michael Eisenberg rounded out the discussion with practical technology tips for maintaining financial health while meeting ethical obligations around technological competence.
We encourage you to listen to the full episode on the ABA Law Practice Podcast feed, where you can also find Matt’s complete interview: “Understanding Issues That Commonly Lead to Cash Flow Problems.”
Thank You to the ABA Law Practice Division
Being included in the ABA’s year-end “best of” compilation is a tremendous honor. The Law Practice Division has long been a valuable resource for attorneys seeking to build sustainable, successful practices, and we’re grateful to contribute to that mission.
At CollBox, we believe that attorneys deserve to get paid for the work they do—without sacrificing their client relationships or spending their evenings chasing overdue invoices. Being recognized by the ABA reinforces our commitment to solving this problem for law firms across the country.
If Matt’s insights resonated with you, we’d love to continue the conversation. Whether you’re dealing with aging receivables, inconsistent follow-up, or simply want to free up your time for the legal work you actually enjoy, we’re here to help.
CollBox is an accounts receivable solution built specifically for law firms. We’ve helped firms recover over $100 million in outstanding invoices and recently won Clio’s 2025 Best Business of Law App Award. Learn more at collbox.co.
