Tue, 21 May 2013
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Bank-law firm relationships reach a whole new level
Are you financing your clients?
Firms should be asking themselves why they need to borrow, and what they can do to reduce the amount of funding required.
A review of magic circle firms suggests that they take 5 - 6 months to collect fees from clients. Managing partners and finance directors should be considering how long they take to bill clients (i.e. how long does work go unbilled), how long it takes to get invoices out to clients (how efficicient is the billing process), and how long clients take to pay from the date of receiving the invoice. Shortening these can significantly reduce the level of funding you need.
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