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Accounting and Financial Planning for Law FirmsFeaturesLaw Firm FinancialsLaw Firm ManagementLJN Newsletters

The Power of Monitoring for Recovering Lost Revenue

By Tom Baldwin
January 01, 2017

“They saw it by doing something the rest … never thought to do. They looked.”

Let's start right in with the pain:

  • Realization has hit an all-time low of 83%, plunging from 93% just a decade ago, according to Peer Monitor. For most AmLaw 200 firms, this represents at least $10 million to $20 million in lost revenue.
  • BTI Consulting reports $4 billion in revenues moving in-house this year.
  • CitiBank echoes, noting dispersion and volatility are evident, effective rate increases are lower, and the collection cycle lengthened slightly in 2015.

Most firms are building pricing groups as the place to start addressing this pain. This is certainly a good starting point, but if your firm is pricing and not monitoring, you've actually got a problem. Here's why.

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