Six out of 10 small law firms say getting paid by their clients is a \u201csignificant problem.\u201d<\/p>\n\n\n\n
And firms that don\u2019t offer their clients payment options like online billing and credit cards experience even bigger headaches.<\/p>\n\n\n\n
Even so, an encouraging 88 percent of small firm lawyers say their practice is \u201csuccessful\u201d or \u201cvery successful.\u201d<\/p>\n\n\n\n
Those findings are from the \u201cState of Small U.S. Law Firms Report\u201d from Thomson Reuters Legal Executive Institute<\/a>.<\/p>\n\n\n\n \u201cFirms also are optimistic about the prospects for continued growth, with a majority of lawyers saying they expect increased demand for legal services, and growing revenues and profits over both the next year and the next three years,\u201d according to the report<\/a>.<\/p>\n\n\n\n There are two main reasons lawyers don\u2019t get paid, the report says. The first is that the firm has poor or nonexistent systems for recording time and sending bills. The second is that lawyers spend too much of their workday on non-billable time.<\/p>\n\n\n\n \u201cNearly 80 percent of firms report they have not yet determined how to address the problem of spending too much time on administrative tasks,\u201d the report says<\/a>. \u201cOnly slightly more firms have implemented a plan to address their business development challenges.\u201d<\/p>\n\n\n\n Read \u201cThe State of U.S. Small Law Firms\u201d survey here.<\/a><\/p>\n\n\n\n Do you practice in Wisconsin, Texas, Minnesota, Ohio, Illinois, Indiana or Michigan? Is your professional liability coverage managed through Alta Pro? If so, you\u2019re automatically a member of the Alta Pro Risk Purchasing Group (RPG), which offers a wealth of benefits for your practice: free, cutting-edge CLE webinars featuring top experts tackling timely topics; the Pro Practice Playbook; the Pro Practice Blog; Reminger\u2019s ProLink risk management assistance; Reminger\u2019s Claim Repair Hotline; discounts on CLIO practice management software; tax savings on health insurance; and access to the Risk Pro, who can help keep your firm safe and successful. <\/em><\/strong>Register here and start enjoying your Alta Pro RPG benefits<\/em><\/a>.<\/em><\/strong><\/p>\n\n\n\n <\/p>\n\n\n\n10 Reasons Law Firms Lose Revenue <\/strong><\/h2>\n\n\n\n