Clifford Chance partners say that the firm’s recent decision to move to a more cash accounting-focused financial model is having a “positive effect” on the firm – but add that the firm has a long way to go to catch up to the efficiencies of its U.S. rivals.

The elite U.K. firm took the decision to switch up its financial infrastructure system last October. It introduced a revamped distributions system that provides partners more clarity on what to expect in terms of upcoming amounts and timing of payments, as well as more regular updates on how the firm’s cash collection efforts stand.