Law Firms Are Facing Low Collections

Law firms don’t have the best track record when it comes to accounts receivables. On average, law firms are waiting 76 days to collect on their invoices. A typical small law office can see their total uncollected accounts receivables equaling 40 percent of their billed charges. That’s money that the law firm has earned, but was never paid for.
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Collecting Law Firm Receivables: 2 Critical Questions to Ask Yourself for Faster Invoice Collection

Firms lose thousands of dollars every year to the overhead costs of managing A/R, for hours of work that they are never paid for, and on invoices they were never able to collect in full. Whether you’re a large firm with offices all over the world or a small practice of only one or two lawyers, you’ve experienced it. Collecting law firm receivables is tough for many reasons, but there are a number of things you can do to stop this profit loss from happening in your Firm and start collecting invoices faster. First you need to understand why it’s happening and what options are available to help you fix it. Continue reading