Boutique Law Firm Griffitts LLP Reduces Cash Lock-Up with Kolleno

Griffitts LLP is a distinguished boutique law firm in Soho, New York City, specialising in Corporate Transactions, IP and Licensing, and Entertainment and Digital Media. Since its establishment in 2003, Griffitts has grown to become the go-to law firm for founders, investors, and emerging companies alike. However, as their legal practice developed, they began to face administrative challenges, particularly with overdue payments.

At this time, it was imperative for Griffitts to establish clear visibility of outstanding payments, invoices, and overdue metrics to uphold operational efficiency and concentration on core objectives.

Thus, a crucial requirement emerged: the development of a streamlined collections process, accompanied by the capability to easily monitor accounts receivable data and progress with precision.

Through the adoption of Kolleno, Griffitts gained a detailed overview of their financial data, leveraging informative reports to enhance their collections strategy.

By applying Kolleno’s actionable insights, Griffitts successfully segmented their customers into distinct strategies, optimising collection efficiency and achieving a remarkable reduction of 48% in their overdue balance and 47% in median days late. The workflow automation also saved them 6 hours weekly on average.

Juan Brea, the COO of Griffitts noted “The Kolleno system facilitates effective client management, providing both easily-accessible real-time analytics and the ability to entirely customise the approach towards the customers through the workflows.”