Leak 6 – Late billing

Law firms:  Making more money is easy when you stop the leaks.

In this continuing series I am sharing 8 short blogs on the leaks I have seen in law firms where they are needlessly losing hundreds of thousands of pounds.

Law firms: How much WIP is on the clock at any one time and how long is it outstanding for?

The answers to these questions will determine the following:

🟣the state of your cash flow

🟣whether you get paid at all

🟣potentially increased discounting

🟣the firm’s stability

🟣how many complaints you receive

🟣the state of your stress levels

In my book, whatever your answers are, it’s too much and too long.

So why do lawyers NOT bill on time?

🧿because they don’t even think of it! Really? Yes really.

🧿because they’re too busy! Yep, I hear this one. It’s ridiculous.

🧿because they’re too scared. Because they haven’t billed regularly and they racked up a shed load of money, they’re worried what the client will say, so they don’t bill.

What’s the solution?

💧Get money on account – always!

💧Bill fortnightly or monthly. No excuses.

Until a job is billed, it’s not complete.

Under no circumstances, let the bills mount up.

If you’re not doing the above, you need me!