Engagement Budgets: The Key that Unlocks Collections and Cash Flow

From: ALA Legal Management September/October 2011 Edition

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One of the most important prerequisites for any law firm to get paid is consistently establishing a budget before beginning an engagement. Budgets insure greater productivity and cost effectiveness for both firm and client by demonstrating to clients that the firm is sensitive to their needs and reinforcing that the firm provides value and not just a block of hourly time. Budgets significantly increase the chances of collecting fees because the client understands what to expect in terms of events, money and time and aggress to the process outlined.

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