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Coltman Warner Cranston LLP – Maximising Recovery rates with Linetime online payments

Coltman Warner Cranston Solicitors are a Legal 500 “Top Tier” firm who specialise in dealing with debt recovery and insolvency actions for commercial clients ranging from Blue Chip companies to SME’s. This dedicated practice is the former debt recovery department of US giant Reed Smith.

Coltman Warner Cranston are always looking to improve service to clients and to do this in the most efficient way possible. A key element in achieving this goal is the firm’s commitment to the use of the latest technologies.

The Problem
When analysing their business processes the firm’s management identified the area of taking payments by credit card as one that could be improved. The review of this area revealed a disproportionate amount of fee earners’ time was being taken with debtors on the phone processing card payments. This not only appeared to be inefficient but also took the fee earners away from their collections role. If the firm could improve this area it would improve their own efficiencies and free up fee earners to focus on collection and improve the collection rates for their clients.

The Solution
The firm uses software from Linetime Limited to drive all their case loads and it was to them that Darren Davoile, the firm’s Debt Recovery Manager, turned to look at how this area could be improved. Darren knew that if the process of taking payments could be done online and the payments automatically reflected in the main debt recovery system then this would dramatically improve the firm’s efficiency. As a result of these discussions the firm implemented Linetime’s online payment system. The system provides debtors with the ability to log into the firm’s debt recovery portal and make payments 24 hours a day 7 days per week. This payment method removes the need for fee earners to be involved in the process.

The Outcome
Following the implementation of the online payment system the practice found the benefits far exceed their expectations. The savings in time they sought to achieve were exceeded and the recovery rates improved. The firm also saw an increase in the recovery of Late Payment Compensation which was a significant gain for their clients. This aspect alone provides the practice with an edge over their competitors as a key differentiator.

When describing how the project had gone Darren commented “Even in my wildest dreams I could not have imagined the project being as successful as it has been”. He puts this down to a number of factors. Debtors can make payments at their convenience, the number of card payments have doubled since the system went live and payments are made at all hours of the day and night – often at times outside of normal business hours. There is also a reduction in the time between contacting debtors and payments being received. On the very first day after the system went live, a debtor who was contacted via email paid within 8 minutes of the email being sent – and all of this outside of normal office hours.

In terms of efficiency the firm estimates that in a period of a week the system has saved 25 man hours based on having received 250 online card payments. These saved hours being put to good use in other recovery activities.

In Summary
The firm’s analysis of business processes identified an area ripe for improvement. The firm through their continuing investment in technology have shown they can improve their own efficiency and improve their already high service to their clients.

For more information on Coltman Warner Cranston visit www.coltmanco.com.

For more information on Linetime systems visit www.linetime.co.uk.

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