The pivotal role of a clean law firm invoice in driving cash flow and servicing clients
By George Woolverton and Jim Martin
The most important function within a law form of any size is to drive cash flow. This may seem self-evident , but cash flow is what is needed to allow the firm to meet all its financial obligations. Cash flow means paying salaries, keeping the lights on and most importantly a continued ability to help the firm’s clients.
Law firms sell (and clients buy) only one thing- time. Of course, there is a product that is bundled into the time, but the plain and simple truth is that time is the bottom-line of what any law firm delivers. No, matter what legal product is, it is bundled within time.
The key to turning time into cash flow is the presentation of the bill to the client.(Read More)