Law firms experience difficulties in getting paid, with them never seeing payment for up to 14% of all hours billed to their clients, according to Clio’s 2019 Legal Trends Report.
It might be hard to sympathise with law firms who get ripped off by their customers, considering that they charge such high fees and have little assets in their business models.
RIABU’s Simon Littlewood and Mark Laudi talk about the value of having upfront discussions with your customer, and ask questions such as:
- Should there be a tier system for customer service experience to avoid delayed payments?
- Should there be upfront negotiations over ancillary charges?
- Do offering more payment modes result in more prompt payments?