The contemporary legal market is seeing an increased emphasis on billing discipline as a result of prolonged payment periods from Big Law clients and a sustained downturn in demand. This trend is evident in renowned lawfirms such as Sidley Austin, which recently instated a new policy reducing year-end bonuses from 25% to 50% for associates and counsel averaging more than five days to enter time – a measure confirmed by several sources. According to an update by American Lawyer, these trends are prompting law firms to tighten billing and collections procedures in order to navigate the less favourable financial climate.
For further details and full verbatim, refer to the original report here.