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 Marriage

Are you looking to get into a relationship — with a law firm that handles collections? Make sure the marriage is a good one. Let your law list be your matchmaker.

There are so many decisions to make. Here are a few:
  • Commercial or consumer practice or both?
  • Small or multipartner firm?
  • Do your needs require a collection specialty — "insurance," "transportation," "mechanics lien" or "subrogation" for example?
  • Would your best choice be a firm that serves a large geographic area such as an entire state, or a law firm in the specific local area where the debtor is located?
  • Is it possible that your needs fall outside the field of collections?
Someone at the law list will have a personal knowledge of each listee on that list. Armed with their detailed database, they can tell you the kind of work a given law firm does, its rates and fee arrangements, what specialties exist within the collection practice, the firm's experience level, what type of work the firm is looking for and much more. If you're new to the business, someone from the law list may even offer to show you around a conference and make introductions.

Ask for a recommendation and you'll save a considerable amount of time and frustration.

Thomas W. Hamilton




 Industry News


Preparing your collection agency for the CFPB Examination
By Neil S. Gonsalves, director, A-lign CPAs
On Oct. 24, 2012 the Consumer Financial Protection Bureau published a rule that would allow the CFPB to federally supervise the larger consumer debt collectors/collection agencies. One of the main objectives of the CFPB Examination is to ultimately help ensure that consumers that are affected by the debt collection process are treated fairly. The CFPB's supervision authority over these debt collectors/collection agencies took effect Jan. 2.
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Being a witness at a collection trial: Common concerns
By Steve Harms
Rarely do collection cases go to trial. That's a good thing because providing a witness, or being a witness is an inconvenience at best, and a real strain at worst (where the case is heavily disputed). This discussion covers some of the common questions asked by people who may have to testify at a collection trial.
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An active start to 2013
Greenberg Advisors
2013 is off to a very busy start for M&A transactions in the ARM/RCM sector worldwide. Twelve deals were completed in first quarter 2013, capping a 12-month period in which 50 transactions were completed. This level of activity confirms that, for those "in the know," the industry continues to offer many opportunities.
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Americans with an account in 3rd party collections hits all-time high ... again
insideARM.com
For the second straight quarter, the percentage of Americans with at least one account in the third-party debt collection system hit an all-time high in the first three months of 2013. Close to 15 percent of consumers have an account being worked by debt collectors.
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Atradius Collections releases 7th edition of its International Debt Collections Handbook
PR Newswire via The Herald
Atradius Collections, the global expert in domestic and international debt collections, releases the Seventh edition of the International Debt Collections Handbook. Two additional countries have been included, Bulgaria and Finland, increasing the number of countries covered to 35.
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1st quarter bankruptcy filings fall 16 percent from 2012, commercial filings drop 27 percent
American Bankruptcy Institute
Total bankruptcy filings in the United States decreased 16 percent in the first calendar quarter (Jan. 1 - March 31) of 2013 from the same period in 2012, according to data provided by Epiq Systems Inc. Bankruptcy filings totaled 263,516 in the first quarter of 2013, down from the 314,832 filings registered in the first calendar quarter of 2012.
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What our clients have to say:
San Diego Credit Association has utilized the services of ALQ for many decades. This association began operating in 1896 and ALQ in 1899. I believe that our history together is one of the longest relationships that exists in the commercial collection industry. ALQ not only bonds the attorneys that we select for litigation on claims, the staff is an excellent source for references to forwarding attorneys. If we receive a claim in an unusual area and we do not know an attorney in that geographical area, we can count on ALQ to introduce us to the right attorney who is qualified to handle our claim. Tom or a staff member will actually contact the attorney, discuss our claim to make sure that the attorney is a good match and then the introduction is made. We just could not find a bonded attorney on our own without the assistance of ALQ. Need some help with a claim? It's easy ... call ALQ. We have been 100 percent satisfied with ALQ's service and courtesy. Thank you to ALQ and its staff for your friendship and for your assistance.

— Mary S. Bouffard, Collection Division Manager, San Diego Credit Association; Pacific Southwest Credit Association; NACM Colorado

I have been listing with ALQ for over 20 years. The relationship has been very rewarding for my office. The staff are very competent and courteous in the performance of their job. The agencies that forward claims to my office through ALQ provide high value claims that are current and ready for legal action. I would recommend ALQ to any law firm considering a new listing.

— Stephen D. Bass, Attorney, Steven D. Bass & Associates, P.A., Albuquerque, N.M.


Upcoming Events

July 13-14, 2013
IACC Midyear Conference
Manchester Grand Hyatt – San Diego

July 14-16, 2013
ACA International Annual Convention & Expo
Manchester Grand Hyatt — San Diego

Aug. 8-11, 2013
National Association of Bankruptcy Trustees
The Greenbrier — White Sulphur Springs, W.Va.

Complete schedule of events


TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Consideration of IRS Form 1099-C in the settlement of disputed debts (by Eamonn N. Sullivan and Donald W. Seeley, Jr.)
California sues JPMorgan Chase over credit card debt collections (AllGov)
Partner profits rise as law firms cut equity partners, statistics confirm (ABA Journal)
CFPB revises rule protecting consumers sending money internationally (CFPB)
FCC proposes ridiculously fast in-flight Internet speeds (TIME)

Don't be left behind. Click here to see what else you missed.


 

American Lawyers Quarterly eNews
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Thomas W. Hamilton, Executive Vice President, ALQ
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Colby Horton, Vice President of Publishing, 469.420.2601
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John Medellin, Content Editor, 469.420.2628   
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