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I’ve seen firms ask their partners to really focus on what their year-end is going to look like based on their current trajectory. So, I do think we always see a big push for collections at year-end, and it will be crucial to this year.
— Gretta Rusanow, head of advisory services for Citi’s Global Wealth at Work Law Firm Group, commenting on client payment delays during Biglaw’s year-end collection season. Rusanow said that partners are now asking clients for progress payments, and mentioned that firms have said “if it used to take 30 days for a payment, it’s now taking 60; if it used to take 60 days, it’s taking 90.” Through the first three quarters of 2022, Biglaw’s collections cycle has grown by 3.7%, which has led to a 10.4% growth in accounts receivable.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
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