As the end of fiscal year looms, large law firms around the globe are expected to ramp up their efforts in billing and collections. Such efforts typically intensify during September, marking it as a significant period in a law firm’s financial year. Law firms’ ability to maintain their growth trajectory into 2023 could largely depend on how effectively they can bill and collect from their clients before the calendar year ends.
Sector analysts highlight that the fourth quarter of the year, now on the horizon, is the time when law firms see the highest collections. Gretta Rusanow, the head of advisory services for Citi’s Global Wealth at Work Law Firm Group, affirms this by noting that for some firms, the bulk of revenue growth is dependent on collections made in the last few days of the year. This year, the push for collections is predicted to be even stronger due to a slump in demand throughout the industry.
Firms typically start implementing their billing reminders from September onwards. These reminders range from managers soliciting partnership pledges on their anticipated collections to face-to-face discussions about billing expectations, providing a strategic advantage and setting the stage for a successful final quarter.
For more insight on the issue, read the original article here.