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Four Tips to Improving Your Law Firm's Cash Flow:

Updated: Feb 10, 2023

1. Invoice Quickly – Issue your invoices soon after the work has been completed. It will be fresh in your client’s mind and the sooner the invoice goes out, the sooner the funds will be received.

2. Shorten Your Payment Terms – Set your payment terms so that the funds are expected within 30 days of the invoice date. Longer payment terms make it too easy for your client to set the invoice aside and then forget about it.

3. Send Monthly Reminders – Sending monthly reminders will help your clients remember that they owe you money. Staying consistent with your reminders will improve the chances of getting paid within a reasonable time.

4. Offer Electronic Payment Options – Making it convenient and easy for your clients to pay you will improve your Accounts Receivable turnaround. Most people like to get things paid immediately when it can be done easily and before they get distracted by another task.

If you would like some help with your firm's Accounts Receivable processes or recommendations for electronic payment processing companies, please reach out to us. We can help!

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