Credit: Nuthawut/Adobe StockCollections Are Critical for Texas Law Firms Through Year's End
Demand and revenue growth in Texas lagged the industry through Q3, but the homegrown firms can make up ground by focusing on collecting accounts receivable, recent data shows.
November 19, 2024 at 03:54 PM
3 minute read
What You Need to Know
- A new Citi nine-month survey finds that revenue growth for firms in the Texas region lagged the industry.
- Yead-end performance will be determined to how well firms collect through the end of 2024.
- Texas firms, however, have kept a lid on expense growth and have hired to prepare for an expected increase in demand.
Revenue growth at law firms in Texas lagged the industry during the first nine months of this year, leaving year-end performance to rest heavily on how well the homegrown firms do at collections by the end of December.
"The theme is that relative performance for our Texas firms for 2024 is really going to depend on fourth-quarter collection success, because of... expansion in the collection cycle," said Mike McKenney, a senior specialist on the Law Firm Group Advisory Team, Citi Global Wealth at Work.
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