(Credit: Kittiphan/Adobe Stock) How Can Law Firms 'Crack the Nuts on Collections' While Closing Out 2023?
Law firms will try everything in their control, such as setting up so-called milestone payments on next year's work or using discounts to incentivize payment of outstanding bills.
November 21, 2023 at 05:00 AM
6 minute read
Law Firm Management
Law firms have already turned up the volume on their push to get paid on time this year, especially in the lead-up to the fourth quarter. But with clients taking longer to pay bills and firms' ability to meet budget goals hinging on successful year-end collections, law firms will do everything in their control to get cash in the door by Dec. 31, analysts say.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
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