ILTA WHITE PAPER: NOVEMBER 2015 WWW.ILTANET.ORG
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About the Author
Avanthi Masthoff is a management consultant with Source Consulting
Group and specializes in helping firms build and develop profitable
practices and operations. Her expertise spans accounting conversions,
revenue improvement initiatives, partner coaching and software
implementation. Contact Avanthi at amasthoff@sourcegroup.com.
Is Your Firm Failing
at Collections?
Some have argued that law schools do little to prepare
one to become a practicing lawyer and do little to
teach one how to effectively manage the processes of
billing clients and collecting receivables.
As a result, most lawyers experience costly lessons ranging from
tracking time based on clients' preferences to drafting client-friendly bills
and collecting in full and in a timely fashion. For many lawyers, it isn't until
they become a partner and are approaching compensation time that they
truly realize the complexities of managing the financial aspects of a client
relationship.
