Friday, March 05, 2010

Colin Cameron on File Openings & Reducing Bad Debt

Colin Cameron has a good post up on how Firms can use file openings as triage, both for reducing bad debts and the amount of time firms invest in WIP & AR.

Colin makes a number of great points, including:
  • giving the Managing Partner the authority to say no when a new client presents a high credit risk;
  • implementing a credit limit system that manages client WIP & AR;
  • reducing the amount of time firms invest in AR & WIP from 5 to 4 months; and
  • the positive impact that can be had on quality of the firm’s clients over time.
You should also take a look at Colin's blog for previous topics on: MDPs in the BC Market, Getting Lawyers to Sell, and Firm Strategy in Tough Economic Times.

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