An age-old balancing act in any service-based industry is getting your customers to pay you promptly, while maintaining a good relationship with them. In a tightening financial situation, cash flow and risk management become even more important as law firms seek to manage the effect of a downturn without losing their strategic momentum. The issue of obtaining payment from clients is likely to increase as customers seek to stretch their credit terms for as long as possible. Already we are seeing a marked increase in demand for flexible payment solutions, as law firms and their clients focus more intensely on cash flow. Clients may look to delay payment of large bills or find it more difficult to secure credit through other means. Thus firms are faced with the conundrum of satisfying clients' requirements, while still remaining competitive and maintaining a stable cash flow when payments are not being made in a timely manner.
September 17, 2008 at 10:04 PM
1 minute read
The original version of this story was published on Legalweek
Nick Anthony suggests how law firms can get through the economic downturn without losing momentum
An age-old balancing act in any service-based industry is getting your customers to pay you promptly, while maintaining a good relationship with them.
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