The average period between the issuing of a bill and payment from the client is now 94 days.
These are the figures from research on legal practices from finance provider LDF, based on an analysis of 321 firms.
This could seriously affect the cash flow of many smaller firms, especially at a time when there are other pressures on business from increased competition, the impact of recent regulatory changes and squeezed margins.
This is without factoring in legal aid cutbacks and changes to CFA cases.
These problems are revealed on the back of the latest figures from Legal Business magazine, which reports that more than 1,000 solicitors in the UK earn £1 million or more.
So, if you are in the former category rather than the latter and need some help with your finances, give us a call on 0845 260 0101.
At Frost Group, we want to make things as easy as possible for you. That is why, if you can’t come to us, we’ll come to you. We operate face to face, nationwide meetings, wherever is most convenient for you.