How Glade’s AI Finance Agent Helps Bankruptcy Firms

The Modern Law Firm series delves into how AI can streamline your law firm — whether it’s by saving you time and money, eliminating mistakes and redundancies or making your workflow more efficient. 

For bankruptcy law firms, billing clients can be a challenge. According to Statista, bankruptcy firms had a 77% collection rate in 2023. This number falls below the 2024 average of 89.6%, meaning bankruptcy firms are leaving money on the table. 

But how can you ensure you’re getting paid in a timely manner? By automating the process. Learn more about how Glade can help you raise your collection rates.

Benefits of Automatic Invoicing and Collections

Glade offers end-to-end services, like invoice creations and bill collection, for your bankruptcy firm. Here are a few benefits:

Save Time

Glade’s AI finance agent can save you time in invoice creation and bill creation. Glade clients save more than 40 hours a week in finance tasks. AI agents can send invoice reminders regularly until you receive payment. 

Mobile Friendly

People spend a lot of time on their phones. The average person uses their phone 4 hours and 40 minutes per day. Letting your clients pay through their mobile devices means you can meet them where they are. 

Collect Payment Quicker

Glade’s AI finance agent can help you collect payment twice as quickly. 

Invoice Automation Workflow

Here’s how the invoice automation process works:

1. Initiate Case 

First, you’ll initiate the case. This will eventually trigger a set of steps and create a retainer form for the client to sign. 

2. Add Attorney Fees

Then you’ll add a value for your attorney fees. This will clearly outline how much the client owes your firm.

3. AI Agent Creates an Invoice

With this information, the AI agent can create your invoice. Not only can this ensure accuracy, AI also completes this task quickly. 

4. Customer Logs In

At this point, the customer can log in through their phone or desktop, where they can access their retainer and invoice.

5. Customer Clicks and Views the Invoice

The invoice notification will be easy to spot for the client. Once they click on their invoice, they can view the details.

6. Customer Pays or Creates a Payment Plan

Customers have flexibility when it comes to payment. They can pay with different methods at that moment or set up a payment plan to pay at their speed. 

Benefits of Flexible Payments 

Flexible payments benefit you and your clients. Here’s how: 

It Puts Less Pressure on Clients

If you are working with a client, especially over a long period, billing them as you complete work can be easier for them to manage than one large bill. Offering this option can make clients feel less overwhelmed with their bills. 

It Gives Clients More Control 

This option gives clients a chance to pick what they feel most comfortable paying. For example, if one week they can pay $50 but two weeks later they can pay $100, it gives clients control over how they handle their bill.

It Can Alleviate Billing Issues for Your Firm 

Waiting to bill your client can hurt your firm. As the Legal Trends Report notes, the longer it takes to send out bills to your client, the longer it takes to receive payment. A system where clients receive an invoice immediately after you have completed a task can help you get paid more quickly.  

It’s Automated

With Noodle, you can send out automated invoices after you take a specific action. This means clients will get bills in a timely manner, which is paramount to getting paid on time. According to the report, 28% of clients who responded to the survey said that it was a “noticeably long time” until they received their bills. Noodle can handle this process for you.