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Nobody enjoys visiting the dentist, but everybody knows you still must pay him or her on the day of service. Attorneys, however, have historically let the client lead the payment dance. Lawyers do the work and hope/expect to be paid without waiting too long or discounting the invoice too steeply. What can we do differently?
I arrived early for my root canal last week, and as if the anticipatory anxiety wasn’t bad enough, it was heightened when I realized that I left my wallet at home. Why the increased anxiety? Because I knew that dentists require payment before you leave the office. As I was worrying about my wallet, I had an epiphany — lawyers can learn a lot from dentists, especially when it comes to establishing billing and collecting expectations. (Dentists have successfully eliminated the billing component, which has been replaced by the payment receipt.)
By Debra Gray
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What Does Widespread ‘Deleveraging’ Mean for Law Firm Health?
Industry watchers say law firms have become less reliant on bank debt over the past decade, as they explore other funding options. Often, that means raising capital from partners, or turning to other, less common sources.
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