Law firms’ ability to bring in revenue and profit growth in 2023 will hinge on how well they can bill and collect before the calendar turns. And law firms will likely start stepping up billing and collection efforts in September as the fourth quarter looms, analysts say, especially in light of demand declines in the industry this year.
Gretta Rusanow, head of advisory services for Citi’s Global Wealth at Work Law Firm Group, noted the fourth quarter is disproportionately the highest collections quarter of the year. In some firms, the bulk of revenue growth can come down to collections in the final few days of the year. Still, many of the most common and effective billing reminders begin in September, she said.
