Raleigh, NC (PRWEB) August 28, 2014
LexisNexis® Legal & Professional, a leading provider of content and technology solutions, announced today the results of a survey of U.S.-based small law firms. The survey found a majority of small law firms struggle with past due client accounts. About half said as much as 39% of client accounts are typically past due, and while law firms cite client financial hardship as the principle cause, the data also pointed to process defects and that lawyers are uncomfortable engaging in financial discussions. In the words of one respondent, “Attorneys have a problem asking for money after the retainer and throughout the process of working.”
“The survey results reflect what we hear anecdotally quite often: Lawyers enjoy the practice of law and dislike the business of law,” said James Paterson, senior director of product management at LexisNexis, who leads the direction of software including the LexisNexis PCLaw® practice management solution. “Following up on collections or past due accounts is perhaps the least favorite law firm business activity, but it’s incredibly important to a healthy law practice.”
Key findings in the survey include:
“Most of the respondents to this survey were from law firms with just one or two attorneys – in essence small business entrepreneurs,” added Paterson. “This survey surfaced a collective discomfort with asking for money. Law firms need to realize there’s nothing embarrassing about asking to be paid for what they’ve earned. The data identifies a clear need to provide small law firms with tips, techniques and tools that facilitate this process.”
This study aimed to understand challenges and opportunities facing small law firms during the process of billing and invoicing. The survey was conducted online from July 23, 2014 to August 1, 2014 and distributed to the readership of a 3rd party media publication dedicated to helping lawyers build better practices. Respondents were required to identify as a practicing attorney or a legal professional supporting a U.S-based law firm. Three hundred and nine (N=309) attorneys or legal professionals, from more than 16 practice areas, with broad representation from 47 different states and Washington, D.C., participated in the survey. Respondents were provided an incentive – a chance to be entered in a random drawing for one of 13 prizes – to complete the survey.
About LexisNexis® Legal & Professional
LexisNexis Legal & Professional is a leading global provider of content and technology solutions that enable professionals in legal, corporate, tax, government, academic and non-profit organizations to make informed decisions and achieve better business outcomes. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. Today, LexisNexis Legal & Professional harnesses leading-edge technology and world-class content, to help professionals work in faster, easier and more effective ways. Through close collaboration with its customers, the company ensures organizations can leverage its solutions to reduce risk, improve productivity, increase profitability and grow their business. Part of Reed Elsevier Inc., LexisNexis Legal & Professional serves customers in more than 175 countries with 10,000 employees worldwide.
LexisNexis helps professionals at law firms and legal departments of all sizes manage the business element of their practice or departments with innovative software and mobile solutions for customer relationship management, competitive intelligence gathering and assessment, time and billing management, matter management, client analysis, legal holds and more.
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