Two Ways to Improve Net Profit

Two Ways to Improve Net Profit

After working with several hundred law firms during the past two decades, I have identified two areas that often offer the best potential to dramatically improve a law firm's net profit.  Both of these areas relate to the billing process.

Neither is a deep, esoteric secret.  The first is to reduce write-downs that occur during the billing process, and the second is to implement effective collection practices.  In my experience, most firms have identified these problem areas, but few are satisfied with their efforts to deal with them.

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