2020 has been a year to remember — and it is not over yet.
In this year of uncertainty, law firms and their management have
had to wrestle with the issue of profitability. And, while law
firms cannot control the economics resulting from the COVID-19
pandemic and the financial shutdown of the country, along with the
upcoming presidential election, this blog highlights a few ways
that law firm leaders can take control of their firms'
profitability.
Take Control of Your Law Firm's Finances
Poor billing, receivables and payables management can hinder
profitability. Delays in issuing invoices and collections often
lead to costly write-offs and write-downs. Law firm leaders need to
work with their management to streamline the process. Consider
pre-billing your clients for major expenses, such as expert
witnesses, depositions and travel. Then, bill clients as soon as a
matter is completed, regardless of the result, as well as
appropriate milestones (for example, after a
