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Law Firms Focusing on Collections Should Not Overlook Billing Practices

By Rick Rawls

It is no shock that law firms, reacting to the current economy, are focusing on collections. Cash is still king. Collections push efforts have moved beyond the 4th quarter and are now equally important in all periods. Collection opportunities are analyzed, delinquent clients are squeezed, and write offs are scrutinized more than ever. Still, firms focusing only on invoice collections are missing a very important collections driver: the billing cycle. As my colleague stated a few years ago, ?With faster billing, adjustments will decline since a large number of adjustments can be attributed to disputes over work done [many] months ago. Client appreciation for work declines with the passage of time.? Here are a few ways to improve and shorten your billing cycle: Please click the post title to continue reading at MorePartnerIncome.net.

Full post as published by More Partner Income on April 15, 2009 (boomark / email).