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The Role Legal Finance Can Play In Firm Year-End Collections

Law360, New York (September 21, 2017, 10:59 AM EDT) -- It’s an annual rite of passage: As summer ends and the days grow shorter, lawyers begin a monthslong struggle to collect outstanding fees before the clock strikes 12 on New Year’s Eve.

Before examining how to solve this problem, let’s address why it exists. What’s driving the pressure to collect? Why do law firm partners stoop to their annual transformation from trusted advisers to glorified bill collectors? In simple terms, law firms face external and internal pressures that create a perfect storm at year-end.

External Factors...
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