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Billing Basics Revisited: Write-downs and Collections
[Editor's note: While A&FP regularly seeks to explore new and advanced profitability techniques, the wide experience of our authors regularly confirms the vital need to keep an eye on basics. It's been some time since we revisited these particular perennials in the profitability garden. Our Editorial Board member Bill Brennan's review clarifies their importance and provides some fresh insights.]
After working with several hundred law firms during the past two decades I have identified two areas that often offer the best potential to dramatically improve a law firm's net profit. Both of these areas relate to the billing process.
What are they? Neither is a deep, esoteric secret. The first is to reduce write-downs that occur during the billing process, and the second is to implement effective collection practices. In my experience, most firms have identified these problem areas, but few are satisfied with their efforts to deal with them.
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