Despite Earlier Collections Efforts, Pa. Firms Feel Clients' Payment Delays
While billing and client relations have changed at many firms, December is still crunch time for bringing in revenue.
December 09, 2019 at 03:51 PM
4 minute read
Despite a recent report that Pennsylvania-based law firms have seen collections cycles shorten, several large law firm leaders in the region say they have not been immune to the industrywide lag in client payments.
A survey covering the first three quarters of 2019, released last month by Citi Private Bank's Law Firm Group, said the collections cycle continued to lengthen nationally—by 1.5% in the first nine months—but Pennsylvania firms saw the collections cycle shorten by 4.6% in the same period.
The survey included 13 firms founded in Pennsylvania, though further information on the size of those firms and timing of their fiscal years is not included in the report. (Several Am Law 100 firms based in Pennsylvania do not end their fiscal years Dec. 31.)
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