It is that time of year again — collecting outstanding fees from clients before year end. It is an annual ritual that most lawyers in every kind of law firm (big and small) must do at this time of year. After time entry, it is also one of lawyer’s least favorite things to do, but it must be done.
Fee collection is one of those areas where doing the fundamentals throughout the course of the year pays the biggest dividends. It is also one of the areas where the risk of a malpractice claim can be the greatest. As a result, there is a high premium on having solid systems in place for billing and collections. Here are the five fundamentals of effective billing and collection.
