Law firms rethink receivables

Rupert White Posted By Rupert White
from Burlington Media Group

It is a very good thing that law firms are typically highly profitable organisations with excellent margins, as they have not been particularly adept at managing or expediting cash flow. However, as utilisation has declined, margins have been compressed, credit has been tightened, and a few large firms have imploded, firms have prudently begin to take a harder look at receivables.

Bo Yancey, Director of Professional Services at LexisNexis Redwood Analytics looks at how law firms are having to change the way they approach the subject of cash flow.

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