Digital White Papers

December 2013: Business and Financial Management

publication of the International Legal Technology Association

Issue link: http://epubs.iltanet.org/i/231030

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TOP 10 YEAR-END COLLECTION TIPS FOR FIRMS BIG AND SMALL by Daryl Lawson of Squire Sanders and John Podbielski of Ungaretti & Harris LLP COLLECTION TIPS FOR FIRMS BIG AND SMALL The importance of the year-end collection push at many law firms cannot be minimized. You could probably go from one mid-to-large-size law firm to another throughout the country and find one thing they all have in common from a revenue standpoint — they all collect 25 to 40 percent of their annual revenue in the last quarter of their fiscal year. At some firms, it is common to collect 20 to 25 percent of their yearly revenue in the last month alone. The last few months at these firms is often a nail-biting, stomachchurning experience for firm management and equity partners, in which they hope it all comes together. Here are 10 tips that should help firms meet and hopefully exceed year-end collection targets.

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