Cash Flow Management for Law Firms - Problems & Solutions Explored

Introduction

Law firms more than most depend on cash-flow for their lifeblood, when all too often so much cash is locked away in yet to be billed work-in-progress (WIP).

The adage ‘cash is king’ is as true now as ever, yet firms often fail to face this challenge head on and take steps to proactively address the balance between WIP, invoicing and getting the money in.

Presented by Richard Allen, a costs and pricing expert and former law firm partner, this webinar will explore the key practice management issues that have a real and tangible impact on WIP, billing, recovery and profitability, and will provide a ‘hands-on’ solution to these problems.

What You Will Learn

This webinar will cover the following:

• Write-offs and how to avoid them
• Approaching pricing at the outset to maximise profit and have a happy client - yes, you can do both!
• Engagement documentation - the dos and don’ts to successful fee recovery and handling difficult clients
• Tactics to achieve excellent realisation rates… 100%+
• To discount or not to discount? When and how to do it
• A quick win in litigation cases
• Payment options to aid cash flow
• Negotiating with difficult clients
• Confidence and the move away from hourly rates
• How fixed fees can be your salvation and not just for commoditised low-end work

This webinar was recorded on 7th November 2024

You can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.