Finish Strong: How To End The Year On Better Financial Footing
Now that Q4 is upon us, most law firms are starting to think about their end-of-calendar-year finances and what can be done to increase their receivables and decrease the amount of bad debt they currently have on their books. A firm’s ultimate goal is generally to enter Q1 and the new year sans unpaid client invoices and expenses. And frankly, since outstanding receivables can affect a partner’s distribution or an associate’s bonus, another goal is to maximize profits to the firm’s employees.
In this guide, we will discuss steps that you can utilize in your practice to help you clear out your tagged receivables and hopefully get you paid on an account that you were all but ready to write-off for the year.