Senior Collections Specialist

Vedder Careers • Chicago, IL

6d • $65,000 - $80,000 • Hybrid

About The Position

Vedder is seeking a Senior Collections Specialist in our Chicago Office. The Senior Collections Specialist is part of an integral team and will play a key role in reducing unbilled and A/R days outstanding, in turn maximizing collections. This key member of the team will also work closely with the Billing team on the status of unbilled amounts and application of unallocated receipts. Liaising directly with the Collections Manager, Controller and Senior Accounting Manager, the Senior Collections Specialist will proactively support billing attorneys on collection issues, 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. In addition to these duties, the Senior Collections Manager will assist the team in training and learning regarding new system processes. As the Senior Collections Specialist, your job duties will include but not be limited to: Follow up with attorneys on past-due balances and work directly with clients on collections as requested. Generate client account statements in accordance with Firm protocol. Routinely update collections activity commentary in collection software. Respond to client inquiries regarding billings and outstanding statements. Prepare past-due balance reports for attorneys and management, along with a recommended course of action. Prepare analyses identifying client payment trends and potential underlying issues. Liaise with conflicts/client intake team on reviewing client credit worthiness. Work with team to train on system updates, and also assist in creating updated and new processes as the ARCS3 system is expanded for collections. Assist the Global teams with maintaining proper transaction processing for our Trust Accounts, allocating funds to the proper matters and setting up account transfers between banks for approval. Work closely with the Collections Manager to resolve account reconciliations and account balances that are at risk. Be flexible to work overtime during 4th Quarter.

Requirements

• Problem solving mindset is essential.
• Excellent written and verbal communication required for success.
• Proven track record of outstanding results with collections.
• Professionalism in dealing with attorneys and clients (diplomatic but assertive) is indispensable.
• Accuracy and attention to details is a must.
• Ability to reconcile client accounts in excel is essential.
• Bachelor's degree in finance, accounting or business administration preferred
• Prior law firm or professional services accounting and collections experience necessary
• Position also requires the ability to work under pressure to meet strict deadlines.
• To perform this job successfully, an individual must be proficient in the following software: Proficient with Microsoft Word and Excel and collections software.
• Proficient utilizing 3E/Elite.

Responsibilities

• Follow up with attorneys on past-due balances and work directly with clients on collections as requested.
• Generate client account statements in accordance with Firm protocol.
• Routinely update collections activity commentary in collection software.
• Respond to client inquiries regarding billings and outstanding statements.
• Prepare past-due balance reports for attorneys and management, along with a recommended course of action.
• Prepare analyses identifying client payment trends and potential underlying issues.
• Liaise with conflicts/client intake team on reviewing client credit worthiness.
• Work with team to train on system updates, and also assist in creating updated and new processes as the ARCS3 system is expanded for collections.
• Assist the Global teams with maintaining proper transaction processing for our Trust Accounts, allocating funds to the proper matters and setting up account transfers between banks for approval.
• Work closely with the Collections Manager to resolve account reconciliations and account balances that are at risk.
• Be flexible to work overtime during 4th Quarter.

Benefits

• Competitive Salary : We offer a competitive base salary commensurate with skills and experience.
• Bonus Program : Discretionary annual bonus program.
• Retirement Planning : Discretionary profit sharing and 401(k) matching to help you plan for your future.
• Health and Wellness : Comprehensive health, dental, and vision plans, along with optional health savings and flexible spending accounts, firm-paid Life and Disability benefits, and wellness programs to support your overall well-being.
• Paid Time Off : Competitive time off package including vacation days, paid holidays, sick time and personal days.
• Professional Development : Opportunities for continuous learning and career growth through firm provided training programs.
• Employee Recognition : Anniversary and Vedder Praise Programs to celebrate your achievements and milestones.
• Work-Life Balance : Hybrid work model and family-friendly policies.
• Additional Perks : Employee discount program, pre-tax commuter benefits, back up child & elder care, Employee Assistance Program (EAP), fitness center discounts and more.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level