Billing and Collection Cycles
Are You Paying Attention to Your Billing and Collection Cycles? How often do you review your billing and collection metrics? For many firms, these critical numbers are often overlooked—but they directly impact your profitability and cash flow. Understanding and optimizing your billing and collection cycles isn’t just good practice; it’s essential for financial health. Let’s […]
Fraud Protection for Law Firms
Check Fraud is on the Rise Steps Law Firms Should Take to Avoid Problems Fraud Protection Requires a Good Defense If your firm relies upon paper checks sent through the mail to pay vendors and transfer client funds — your financial resources are at risk. A Cautionary Tale – One of 4L’s law firms recently […]
What Law Firm CFOs (should) do at Month-end
The month ends. One way to play it: I’m in charge of financial reporting, so I distribute the usual monthly reports: income statement, balance sheet, cash flow statement; and various time, billing, collections, realization, WIP and AR reports. The partners (may) give the reports a perfunctory look; maybe I get a question or two, three […]