3 Simple Ways Law Firms Can Improve Cash Flow

Are you wondering why you don’t have more cash in your checking account? Struggling to pay
yourself? Find yourself using your business line of credit too often? Try these three tips to
increase your cash flows and sleep better at night knowing you have money in the bank.

1.     Do you accept credit cards?

It is a way of life today. Many clients don’t have the cash to pay a retainer. Not only are you probably waiting longer for your hourly payment clients to pay you, you are probably losing business if you only accept cash for retainers. The fees you pay will be offset by the increase in business and getting paid faster.

2.     Do you know what the balances are on your client retainers?

Do you ever get surprised by a client’s retainer running out? Bill your clients for additional
retainer BEFORE they run out. Your #1 goal is to get paid in advance. You will have $0 in collection costs and write-off’s this way.  

3.     Do you pay your bills on the due date?

If you don’t have good cash flow management practices, you are likely either paying your bills early or paying them late. Paying them early ties up your cash when you don’t need to. Paying them late costs you money in late fees. Pay them on time for maximum cash flow management.

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