Law Lists are a great resource for collection agencies, and one that I don’t find many agencies take advantage of. When I first started my agency I had never used a Law List before, and wasn’t sure what purpose it could serve my business. It was free to order their list, so I ordered one.
Once I received my law list, they were about a 1″ thick catalog, but now are available online. Law lists contain the names and addressed of attorneys who are willing and able to accept and service collection claims. An attorney pays for the listing and may be listed on many different law lists. This is a great tool when you are a new agency and aren’t licensed in every state or if you don’t want to perform collections in another state but want to keep your client. A client in CT may suddenly open another branch in NY and give you those collection accounts as well, but if you are not licensed there, you can utilize a law list until you get your license.
When an account is forwarded through a law list, the creditor and the forwarder may be protected by a bond in case the receiving attorney fails to properly remit proceeds from a collection.
If any of you use a law list that you particularly like, please share it with us and tell us why it is different.