Cit's latest quarterly survey showed the collection cycle lengthened by 7.6% for Southeast firms compared with 4% for all firms nationally in the survey.
June 09, 2023 at 05:44 PM
3 minute read
It’s taking a longer time for Southeast law firms to collect their bills, with clients delaying payments.
According to Citi’s survey of law firms for the first quarter of 2023, the collection cycle—defined as the “moment the bill goes out the door to when the money comes in”—lengthened by 7.6% for the Southeast firms compared to 4% for all firms nationally in the survey.
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