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Tag Archives: law firm billing

Infographic Friday: Challenges of Law Firm Billing

Infographic Friday Challenges of Law Firm Billing-header

Invoicing and billing present steep challenges for law firms.  According to a recent law firm billing survey we conducted: 73% of law firms report experiencing past due accounts 58% say they spend too much time on billing Roughly half of small law firms say about 4 in 10 accounts are past due 82% report client financial hardship as the root ... Read More »

Infographic Friday: Law Firm M&A Billings Nearly Double

Infographic Friday MA Billings Nearly Double

M&A is back in the headlines among the legal trades. “In-house counsel and investment bankers agree that the merger and acquisition stars are aligning to create an environment more conducive for deals, according to one M&A expert,” according to ALM’s Corporate Counsel in an article titled Big Deals Put 2014 M&As at $2.5 Trillion and Rising. The Corporate Counsel article ... Read More »

5 Solid Tips on Law Firm Billing and Invoicing

5 Solid Tips on Law Firm Billing and Invoicing

Should a law firm charge a client for the two bottles of water consumed over the course of a long meeting?   Probably not – at least according to Keith Lee, an attorney who relayed this example, in a post on Above the Law called Do You Build Invoices Or Relationships? For all the challenges of law firm billing it’s worth ... Read More »

8 Things Lawyers Say they Would Change about Billing

8 Things Law Firms Would Change about Billing

What would small law firms and independent attorneys change about the process of invoicing and billing clients? That was the final question we posed in a survey on law firm billing we recently conducted and published on these pages.  While 309 respondents took the survey, 133 answered this final question of the survey, which was optional. It would be a ... Read More »

Law Firms that Discount have more Past Due Clients 

The Connection between Law Firm Discounts and Past Due Clients

Law firms that discount or write off legal fees prior to invoicing clients, also tend to also have more past due clients. That was one of the most interesting findings from a cross-tab analysis stemming from a law firm billing survey published late last week.  The chart published nearby compares the percentage of past due accounts between law firms that ... Read More »

Law Firm Billing Survey: Collections Conversations Leave Lawyers Uncomfortable

law firm billing survey

For most law firms, past due client accounts are a fact of business.  A new LexisNexis survey of 309 U.S.-based law firms found that more than 73% experience past due accounts.  Yet for many lawyers, asking a client for money they earned is embarrassing, uncomfortable and for some, even “distasteful.” Consider the following comments offered in response to open-ended questions ... Read More »

Seven Tips for Improving Law Firm Billing Efficiency

Seven Tips for Improving Law Firm Billing Efficiency

Note: This post was penned by Loretta Ruppert and originally published in GP Solo in August 2013. Geneva Yourse was a relatively new attorney when she took a big risk: she quit a secure job as an attorney with a family friendly firm.  Why?  Because she wanted to pursue something bigger:  to hang her own shingle.  Hanging up a shingle, ... Read More »

Discounting Legal Fees Sends the Wrong Message

Discounting Legal Fees Sends the Wrong Message

Note:  The following is a guest post by Ann Guinn. If you are one of the many attorneys who regularly discount fees, you are causing yourself to underearn –and sending the wrong message to your clients. Sure, there are times when a discount is the right thing to do; but chronic discounting is a different story entirely. Let’s consider an attorney ... Read More »

The 4 Strategic Options in Software for Law Firm Accounting

The 4 Strategic Options in Software for Law Firm Accounting

For new law firms, processes, procedures and infrastructure are important decisions.   These are important for future plans – choosing systems that can support a firm as it grows. Accounting systems are a good example, because a law firm that outgrows it existing accounting tool will force a change precisely during a growth spurt.  In the worst cases, making a dramatic ... Read More »

Infographic Friday: Billing Rates Up 4%, But So Are Discounts

law-firm-differentiation-means-rate-pressure

Note:  The following is a guest post by Larry Bodine; the infographic, as customary with our Friday Share series, follows below.  Law firm billing rates are up in all firm sizes – especially at “top of the market” megafirms – but then, so are discounts, according to a pair of influential surveys of the legal profession. Fees at megafims have ... Read More »