This has happened to our companies so many times over the years that we almost sigh whenever a large organisation or company wants to do business with us. We know that although there may be plenty of work coming our way, we are not going to get paid for a substantial period of time afterwards. Example Take recent work for a university. We undertook their order, spent considerable time making sure that everything we were doing was satisfactory for them, the institution had specific requirements that resulted in us needing to invest in further technology and software updates, and we completed the work as they requested. The invoice we submitted was not substantial and we had costs ourselves that had to be met out of our accounts whilst we waited for payment. 87 Days - a pure coincidence? Our payment terms are 21 days. We got to the end of the 21 days and issued our usual set of reminders, one after 7 days, another one 7 days later and a final one 7 days a...
Award winning blog with 100s of articles on the legal profession, legal recruitment and legal job markets by Jonathan Fagan, MD of Ten-Percent Legal Recruitment, recruitment consultants based in the UK providing a full range of services for solicitors.