Write-offs are all too common at law firms, impacting profitability and, in the case of smaller firms, the ability to make ends meet. On average, law firms write off as much as 14 percent of their total bills. The reasons for these write-offs are multi-fold and unfortunately, because of their ubiquity, law firms have become complacent in accepting them as an inevitable part of firm life.
But just because they are common doesn’t mean firms should have to accept the status quo. No firm should have to dismiss earned revenue or go unpaid for work completed. Thanks to advances in technology today, they no longer have to. Here we explore how and why write-offs have grown in number, what their effect on law firms is, and what can be done about it.
Why So Many Write-Offs?
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
