Managing working capital is becoming increasingly important to all law firms, whatever their size.
Many firms could actively reduce their borrowings from the bank or other parties if they controlled the flow of cash into their business. It is essential to incorporate a billing discipline with all fee earners and ensure these are both timely and accurate – it only takes one mistake for a client to use this as an excuse for non-payment.
Wherever possible, clearly inform all clients of your payment terms and do not be afraid to impose a strict credit policy. Many firms are introducing payment terms within seven days from date ...
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