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WHAT WE’RE WATCHING
COLLECT ‘EM ALL - Turns out actually being paid the money you’re owed is preferable to the alternative. ¯\_(ツ)_/¯ As Law.com’s Andrew Maloney reports, large law firms doubled down on collection efforts in 2020, allowing partners to have more certainty in cash flow during the pandemic last year. And now, even as confidence in demand returns, firm leaders are striving to keep up their firms’ billing hygiene in 2021. That may sound like a no-brainer, but it’s easier said than done. It can be tedious and tough to stay on top of collections efforts without the proper motivation. With regard to the latter, the COVID-19 crisis was actually helpful. At Jenner & Block, for example, co-managing partners Katya Jestin and Randy Mehrberg said the pandemic helped strengthen their attorneys’ commitment to one another, and that bond has carried over to other aspects of firm management. “It’s really brought out the best in all of us at the firm,” Jestin said. “So what may look like a menial task, like getting our time in and bill management—it’s just part of our covenant to one another. I think it’s just brought out better hygiene from each of us.”
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