Summary |
Legal staff positions related to collections law involve pursuing overdue debts, recovering money, and obtaining court orders when necessary. Making em' Pay: Collections Law is an area of law that seeks to gain satisfaction of monetary obligations owed by debtors. It is a specialization, requiring legal knowledge and expertise.
The primary roles of a collections attorney involve analyzing clients' financial situations and evaluating legal options, gathering evidence, drafting legal documents and court orders, advocating for their clients, and representing their clients in court. While a collections attorney may represent a creditor or a debtor, their job is primarily to facilitate payment of a debt.
The position of a collections lawyer is a relatively rewarding one. These attorneys are typically well-paid and have potential to earn bonuses if their cases are successful. Additionally, collections lawyers can have a sense of satisfaction from working to help people in need. They also often have a steady workload and more flexibility in their jobs than traditional practice areas.
The job requirements for a collections lawyer include knowledge of the relevant legal principles, excellent organizational and communication skills, experience in litigation and negotiations, and the ability to effectively manage their clients' financial needs. Additionally, experience in the field of collections law is essential.
Collections law is a growing field that can provide attorneys with a lucrative and rewarding career path. This area of law requires extensive knowledge of state and federal regulations and the law, as well as exceptional organizational, communication, and litigation skills. By considering the benefits and job requirements of a collections attorney, employers can ensure they hire the best candidate for the position.
Collections Law Positions for Legal Staff
Collections law positions offer a wide variety of opportunities for legal staff members. Collections law deals with the process of recovering unpaid debts that have been neglected or ignored by the debtor. These positions are typically available in both the public and private sector. They may involve legal research, document preparation, and court appearances. In addition, collections law positions may include client representation in dispute resolution or negotiation of final recovery terms with creditors. There is also a need for specialized collections law attorneys who are knowledgeable about the nuances of debt collection practices.Collections Law Roles and Responsibilities
Legal staff members who take on collections law positions must be knowledgeable of the applicable state and federal laws related to debt collection and recovery. They must also possess strong communication skills, especially in dealing effectively with debtors and creditors. They should be experienced in dealing with complex legal issues, including the preparation of legal documents and representing clients in court. Additionally, collection law staff must also be fluent in the relevant accounting principles and procedures.Gaining a Deeper Understanding of Collections Law
Collections law positions may be filled with more experienced legal staff members who have a good understanding of the legal system and are able to effectively guide clients through it. Legal staff who are new to collections law positions should make sure to understand the relevant laws and regulations in order to be properly prepared to work with clients and represent them successfully in court. Professional classes or seminars on collections law can be beneficial in gaining a deeper understanding of the field.Advantages of Working in Collections Law
Working in collections law can provide a number of benefits, particularly for individuals in the legal field. Working in collections law gives legal staff the opportunity to gain experience in the real-world application of legal principles and statutes. Additionally, collections law positions also offer the potential to strengthen relationships with clients and to develop a deep understanding of the intricacies of the collections process.Collections Law Positions for Law Firms
In addition to public and private sector positions, many law firms also offer collections law positions for legal staff. These positions often require knowledge and experience with the legal aspects of debt collection and recovery. Because the collections process can be complex, it is important for legal staff in these positions to be knowledgeable about the relevant state and federal laws governing debt collection. Additionally, staff should be familiar with the court system and procedures, including the filing of legal documents and attending court hearings. Collections law positions can also provide good experience with negotiation and dispute resolution.<<
"No one plans a career in collections; it just happens," said Michael Fatalo, collector at Zwicker and Associates in Andover, MA, who entered the field with a background in sales. "I have been a collector, a collections manager, [and] a general manager for third-party agencies, including law firms. In the commercial or business-to-business collections, I have been a collector and a manager."
Depending on the type of collections law a firm practices, the paralegal's day is largely spent talking to others. "My typical day now is coming in and calling debtors or skipping them down," Fatalo said. "In commercial collections, it is a bit different. You do a lot of researching of the problem—whether it was an issue with a lease, or delivery of an item, or what have you. Either way, your day is spent mostly on the phone." Legal staff are often involved in skip-tracing, or finding a missing debtor, as well as negotiating with debtors and others. Should those efforts fail, collections legal staff may also help with the commencement of a legal action, service of process, and drafting of legal documents. "Effective skip-tracing techniques, verbal techniques, knowledge of the law, and knowledge of what repercussions your organization can enforce are the bullets in your gun," said Fatalo.
Knowledge of proper enforcement is indeed important: collections law is one area where the conduct and day-to-day operations of legal staff are closely regulated. "Third-party collections is governed by the Fair Debt Collection Practices Act (FDCPA). This is our 'bible' of what is deemed acceptable collection techniques and what collectors can get in trouble for," Fatalo explained. "States also have collection laws outside of the FDCPA regarding calls per week, acceptance of postdated checks, and talking to the spouses of debtors." Among other methods of enforcement, the FDCPA provides that debt collectors who fail to comply with its regulations may be held civilly liable to debtors who suffer actual damages. In addition, serious or repeated noncompliance with state laws may result in complaints to the state Attorney General's office, reprehension on the job, and other professional reprimands. With tough regulations in place, legal staff in the profession must be familiar with laws covering the conduct of collectors and the scope of their recovery efforts.
The job comes with other challenges. "It isn't easy trying to find someone who doesn't want to be found," said Fatalo. "Dealing with the constant barrage of excuses why someone can't pay is very trying as well." Yet successful efforts can make collections a gratifying field. "The most rewarding aspect is the collection of the account. The debtor is happy the bill is off their back, and I have just increased my chances towards obtaining my budget for my bonus," Fatalo said. "[Your company or firm] is happy as well, especially in third-party since you are competing with other third-party companies for the business that comes your way."
Collections law requires top-notch interpersonal skills and the ability to wear many hats. "For third-party, a high school degree is really all you need for education, but you need to be a great communicator, be able to take guidance, have an extremely thick skin, and be able to roll with the punches of the day-to-day grind," Fatalo detailed. "For commercial collections, a college degree is usually necessary, but the other skill sets would be the same." Above all, "be professional at all times," Fatalo recommended, "understand that people are not going to like your job, so take nothing personally."