Make Sure You Realize What You Bill

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A coaching client called me recently and talked of billing out $150,000 in a recent month, but collecting only $90,000. The situation was a perfect example of the fact that too many lawyers fail to grasp the importance of collections. They feel a false sense of security as they pile up billable hours, but don't realize the danger in the uncollected cash that those hours represent. The gap between the two is defined as the realization rate, defined as the amount of a lawyer's time actually billed and collected.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ed Poll, LawBiz | Attorney Advertising

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