Law Firms' Unpaid Bills Are Piling Up. No Reason to Worry—Yet
Firms are sitting on a bigger pile of unpaid bills this year, due to more work and slower payments from clients.
December 02, 2019 at 05:00 AM
5 minute read
How bad will the collections crunch be this year? Inventory is up, clients are taking longer to pay bills, and the coming weeks will be a critical time for law firms to turn client bills into cash.
Law firms are sitting on a growing pile of bills they haven't sent out or their clients haven't paid yet, but financial observers and at least one law firm leader said this kind of behavior isn't causing alarm bells to go off—yet.
The law firms surveyed by Citi Private Bank's Law Firm Group and Wells Fargo Legal Specialty Group reported that their inventories of unpaid bills have grown by 6.7% and 9%, respectively, compared with last year, in the first nine months of 2019.
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