31 October 2018
It takes more than four months for law firms to be paid for the work they do, according to chartered accountants Hazlewoods. However, payment times have improved by seven days since last year—125 days in 2017, compared to 132 in 2016. Moreover, fee earners are being more proactive about raising bills earlier when work is completed rather than waiting until the month end, asking for payments on account and raising interim bills as each stage of a matter is completed. Associate partner Andy Harris said: ‘The issue of turning “locked up work” into cash has troubled the legal industry for years.’
