Velo Law lives at the intersection of collection law and technology. Uniquely built with a technology-first footprint, Velo Law has a passion not only for the law but maximizing business and technology efficiencies. Throughout the years, the team has gained experience and wisdom on the subject of building a business that is organized, technology-forward, and education-centric. While the organization continues to grow and strive for new and ongoing goals, they share here some backstory and a few insights on maximizing operational efficiency and establishing long-term sustainability as a growing business.
An Uncommon Path
Velo Law is adamantly team-focused, not individual-focused, but to tell the full story, it’s worth noting that Velo Law President and Founder, Attorney Scott Renner attended law school to pursue collections law—not a particularly common aspiration in a typical cohort of young law students. One major “draw” to the field was that he knew he wanted to try incorporating his business and technology interests into his law practice and bring a fresh approach to what he’d seen during early jobs and internships. Scott knew that the receivables industry was heavily business-focused and ripe for the application of evolving technologies and increased efficiencies, perfect for honing the knowledge and skills that brought him satisfaction on the job.
A Lawyer Who Can Code
Starting in sixth grade with an interest in coding his first website, Scott began to learn basic HTML programming and unlocked a lifelong interest in computer technology. While ultimately he chose not to pursue a technology career per se, his interests in technology and business would continue to color his path. Fortunate to have an attorney and early internet adopter as a father, as well as a brother with shared coding interests, Scott was keen to learn from the experiences around him and both the successes and failures of his teachers and predecessors.
Two Critical Growth Factors
After attending law school and eventually “hanging his shingle” as a new graduate in Grand Rapids, Michigan where Velo Law is headquartered, Scott began to build business through word of mouth. Over time, Scott and eventually the Velo Law team built from the ground up with two important factors ever-present on their minds— an overwhelming commitment to being organized as a business and a willingness to invest in and commit to learning different areas of technology that could be integrated into the business.
Bridging the IT Disconnect
Rather than delegate the technology side of the business, with disconnects between C-Suite and IT leaders, the leadership team found it critical to intricately understand the steps of each process. They invested in and utilized technology to build efficiencies and create streamlined systems for every aspect of the organization, including documenting policies and procedures meticulously and consistently. To complement this approach, the team made sure and still makes sure to be continually learning new technologies so they can continually provide checks and balances between human touch and automation.
The Willingness to Invest
In addition to organization and ongoing learning, training for long-term usefulness versus short-term usefulness is a staple of the company culture. Particularly on the legal side of collections, Scott notes a couple of lessons he has learned along the way: You cannot fear your investment— keep investing in your staff and your technology. Unwillingness to invest leads to client and staff attrition, lawsuits, and compliance issues. Don’t be afraid of forward progress and continual improvement.
Learn More
For more on the topic of the intersection of technology and collections law, watch the Receivables Roundtable featuring Scott Renner, published by Receivables Info in October 2023.
To learn more about the firm or get in touch with the Velo Law team, visit velo.law/contact.
About Velo Law Office
Headquartered in Grand Rapids, Michigan, Velo Law Office assists financial institutions looking to collect overdue debts from both legal and standard collection strategies. By focusing on the bottom line, they combine innovative collection techniques and aggressive litigation with practical attention to financial concerns and return on investment. Velo Law’s collection matters are supervised by experienced attorneys and utilize every resource to provide the highest level of recovery.
