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According to Citi's survey of law firms for the first quarter of 2023, the collection cycle—defined as the "moment the bill goes out the door to when the money comes in"—lengthened by 7.6% for the Southeast firms compared to 4% for all firms nationally in the survey.

Survey co-author Gloria Gomez-O'Rourke said accounts receivable appear to be driving a longer cycle in the Southeast than all firms on average. The survey showed a 16.4% average growth in accounts receivable in the Southeast—much higher than the 11.4% overall average, she said.