How Can Law Firms ‘Crack the Nuts on Collections’ While Closing Out 2023?

Law firms have already turned up the volume on their push to get paid on time this year, especially in the lead-up to the fourth quarter. But with clients taking longer to pay bills and firms’ ability to meet budget goals hinging on successful year-end collections, law firms will do everything in their control to get cash in the door by Dec. 31, analysts say.

That includes everything in the pandemic era playbook—recording time more frequently, reviewing and sending out bills earlier, and staying in front of clients more than usual. But it can also include setting up milestone payments on next year’s work, negotiating closer to the sticker price, or using discounts to incentivize payment of outstanding bills, particularly as clients try to hold onto cash longer in a high-interest environment.

Leave a Comment

Your email address will not be published. Required fields are marked *