Law firms are waiting an average of 45 days to get paid, new research indicates.
There has been a big drive in recent years by law firms to cut down the waiting period which is proving successful – in 2015 the average waiting period was 45 days. What’s more, firms appear to also be successfully reducing the amount of time locked up in unbilled continuing work.
“Considering how cautious clients are about paying promptly, turning completed work into bankable income more quickly is a great result,” a spokesperson for the research says.
Commenting in The Times*, Edward Fennell says he does however feel the word ‘cautious’ is “perhaps too kind”.
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* Source: The Times Law Journal (11 January 2018)