A recent Citi Global Wealth at Work Law Firm Group survey of major law firms found that collection cycles are lengthening this year, according to a June 23, 2023, article in The American Lawyer titled “Big Law Collections Slow Down as Clients Hold Onto Cash Longer.”
In an interview for the article, Chairman Paul Schmidt said he has noticed clients starting to “quietly pay us a little bit more slowly,” likely out of concerns about the economy, but BakerHostetler hasn’t experienced a big financial impact, he noted.
Schmidt was also quoted in “GCs Keep Cutting Outside Counsel Panels, as Law Firms See Heightened Competition,” an article published July 3, 2023, in The American Lawyer.
“There certainly is a trend among consumers of our services to try and manage their outside spend and the firms they work with, by creating a finite number of firms – always with the opportunity to make exceptions where they need to,” he told the publication.